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Canada’s GDP is expected to grow by 1.5% in the first quarter of 2020

Canada’s GDP is expected to grow by 1.5% in the first quarter of 2020
February 19
14:00 2020

Canada’s economy has slowed down in the fourth quarter of 2019. On Monday, the fiscal team of the country has announced devastating statistics of the previous quarter. The Minister of Finance said that different aspects might affect economic growth in the 1st quarter of the year.

There was a significant virus outbreak in China, and it has affected many countries. The Chinese economy has shrunk by 2%, and it goes down every week. The other ten big economies in the world will see the same result but with a lower percentage. Bill Morneau predicted a 1.5% growth in GDP in the first quarter of 2020.

What could save Canada’s economy from the global recession?

Due to a virus, many countries have stopped economic relations with China. North American countries have stopped financial transactions not only with China but also with few Asian countries. Local government in China is ready to get back to work from the end of February. Although there are serious issues related to the coronavirus as hundreds of people get affected by it every day.

Block-chain implementation into the businesses

The Prime Minister of Canada has been a prominent preacher of the digital charter. As he got the power in his hands, with the help of the government, Trudeau created an exciting plan. According to the digital charter, focusing on the digital industry could increase the GDP by 15% by 2025. That prediction solely depends on technological development and implementation in Canadians everyday life.

The country’s government has approved the charter in March of 2019. Since then, we have seen a rise in various industries. First of all, we should mention the digital gaming industry. What has changed? In 2019 alone, the digital gaming industry has contributed four more billion dollars to the economy. It happened because the digital gaming industry had thoroughly changed in 2019. The government allowed casino and gambling companies to accept block-chain based currencies. Cryptocurrencies are still in the early stage of development, and world leaders are very careful. Some of them believe that cryptocurrencies could be an economic bubble, and one day, it will be gone while many billionaires predict cryptocurrencies as the futuristic money.

Nowadays a big part of online casinos in Canada accepts Bitcoin and other cryptocurrencies. Crypto movement gave a worldwide rise to Canadian casino businesses. People love using cryptocurrencies as it’s essential to have privacy and safety. Cryptos are popular because it allows instant international transactions. Block-chain based currencies are trusted because they use the same trustworthy cryptosystem as international banks. At the same time, BITCOIN, Ripple, and other Cryptos are free from any influence from banks, governments, and financial institutions. Digital charter focused only on one thing – implementing futuristic business ideas. That’s why digital casinos contributed 4 more billion dollars to the economy in 2019.

The video gaming industry is rising

Digital charter is an actual roadmap to the digital economy of Canada. Charter has various cycles of improvement. The first cycle ends in 2025, and roadmap authors believe that the digital economy should have 35% of GDP.

Video gaming developers are also the biggest influencers in the digital economy. Ubisoft is the biggest success story for the Canadian start-up space. Ubisoft, Canada, wants to grow locally and internationally by 2025. The company’s CEO admitted that the goal is to reach 200 million gamers by 2025. It would have the biggest impact on the industry and economy of the country itself.

According to the latest data, there are 20 million active monthly players on Ubisoft’s platform. The CEO wants to have 10x more gamers in 5 years, and it’s achievable by the standards of the digital charter. Three thousand five hundred people are working in Montreal’s office of Ubisoft, and the CEO wants to grow it 3x times.

Quebec’s branch of the company partnered with Google a few months ago. The project has one goal – gamers will be able to play assassin’s creed new part on any internet-connected platform. With creative approaches like that, Ubisoft can grow as predicted and help the economy.

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Canada’s GDP is expected to grow by 1.5% in the first quarter of 2020 - overview

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