74% + Vaccinated, Canada’s Economy Picks Up Exciting Speed

Canada’s COVID-19 Vaccination Coverage is ahead of the World, and its economy is moving fast, fueled by impressive moves.

Canada has vaccinated almost 75% of its population 12 years or older.

Total Country statistics by the Government of Canada show that Canada has vaccinated 74.4% of its population 12 years or older. All of its largest provinces by population have vaccinated more than 70% of their eligible population: Quebec leads with 78.3%, followed by British Columbia at 75.3%, Ontario at 73.4%, and Alberta at 70.3% Even Saskatchewan, the province with the lowest percentage, is already at 69.8%.

Canada's Economy to Grow-Country reached 74% of COVID Vaccinated Population 12 Years or Older

Source: CTV News based on data from the Government of Canada

Canada leads the World in Vaccination coverage

Vaccination Coverage in Canada is Great news for International Students

The Table below shows that Canada (marked in dark blue) has vaccinated 65% of its Total Population, ahead of other popular Study Destinations (marked in red) for International Students, like the U.S. (53%), the U.K. (62%), and Australia (20%).

India and China (marked in light blue), the Top-2 source countries for International Students in Canada, have respectively vaccinated 18 and 65 people out of every 100 in their population, well behind 78 in Canada.

NYT Vaccination Tracker-Canada #1 in COVID Vaccination % of Total Population-Economy will grow

Source: Clearport Team with data from Tracking Coronavirus Vaccinations Around the World, New York Times, June 16, 2021

Canada ranks #3 in the World in most in-demand Study Destinations.

The number of International Students in Canada has grown six times in the past 20 years, and tripled in the last 10 years.

In 2020, Canada jumped to rank 3rd in global Study Destinations, only behind the U.S. and the U.K.

Canada is the most attractive study destination worldwide for International Students. This is because Canada has the most complete offering for International Students, including:

  • Quality of education, with credentials that are globally recognized
  • A safe, multicultural, and non-discriminatory environment
  • More affordable Tuition and Cost of Living than other study destinations – Canada ranks #1 in affordability vs. the top world Study Destinations (16% more affordable than the U.S., 36% more affordable than the U.K., and almost 14% more affordable than Australia, per our recent blog post)
  • Quality of Life, ranking in the best globally, with 3 of the Top-10 most livable cities in the world
  • Great Study Program options and choice – 103 Colleges and Universities, and more than 30,000 Study Programs in over 700 fields of study
  • Regulations that allow International Students to work while they study
  • A clear path to a Post-Graduation Work Permit for graduating International Students
  • Job Opportunities
  • A Vibrant Economy, and
  • A clear path to Permanent Residence in Canada

Canada’s attractiveness for International Students is further confirmed by a recent survey report. The survey, conducted among education agents in 73 countries, evidences that Canada’s appeal for International Students continues to grow.

Canada is the Study Destination for which interest by International Students has increased the most

Canada shows bigger improvements than any other country between September 2020 and March 2021, using as key indicator the demand perceived by education agents worldwide. Almost 90% of surveyed education agents agree/strongly agree that they have seen more interest in Canada as Study Destination than for other countries.

This increased interest in Canada among International Students has been spurred by the excellent way the country has managed COVID, in particular with measures targeted at protecting and helping them. The survey cited above indicates that 63% of surveyed education agents rated Canada as “Very Attractive”, well ahead of the UK and Australia, at 51% and 49% respectively. Approximately 75% of surveyed agents agreed that the handling of COVID by the Canadian Government had made it more attractive as a Study Destination.

75% of global Education Agents see Canada as very attractive because of Vaccination and COVID handling

This is not surprising, as Canada has implemented a well-coordinated COVID response plan considering the needs of International Students, both existing and new. Coupled with the extensive vaccination coverage reached to date, the Government of Canada took the right measures and has made the right announcements for International Students. A summary of the most significant of these measures and announcements includes:

Moreover, as a result of the speeding vaccination coverage in Canada, it is expected that the Government of Canada will announce early in July that it is lifting or significantly reducing COVID-related travel restrictions.

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Great news for International Students means great news for Canada’s Economy

Pent-up demand and the trends summarized above (as well as many other data sources) confirm that, as soon as COVID-related travel restrictions are lifted in Canada, there will be a surge of International Students coming to Canada.

Canada’s economy will reap the benefits, as the expected boom in enrollments injects funds into Universities, and as International Students work while they study and spend money in Canada.

Estimates from the Government of Canada show that International Students contribute $22 Billion Dollars per year to Canada’s economy, and that they support more than 170 Thousand jobs. But they also have a much larger and permanent impact on the economy, which goes far beyond their graduation dates.

Research by the Government of Canada indicates that International Students who become immigrants make strong, significant contributions to the Canadian economy. More and more International Students are becoming Permanent Residents of Canada, changing from being students to fully undertake roles as workers, entrepreneurs, innovators, and consumers .

In 2019, 34% of those who became Permanent Residents in Canada through its Express Entry immigration stream did so by way of the Canadian Experience Class, aimed at International Students and Temporary Foreign Workers (TFWs) that have Canadian work experience.

Canada offers more than 80 economic class pathways through the Express Entry stream, the PNP programs (Provincial Nominee Programs) and others, like the Atlantic Immigration Pilot Program. Special programs by the Government of Canada, like the Hong-Kong Special program, are targeted to attract International Students (and workers in some cases) from certain countries.

Vaccination Coverage in Canada will have major positive impacts in its Economy

Several sources confirm that Canada leads the world in COVID vaccination performance.

Vaccination coverage data by country (constantly reviewed by major investors and businesses), along with major economic trends and Government initiatives, will accelerate Canada’s economic growth.

In a recent report by U.S. News, with statistics from Our World in Data, Canada is ranked # 1 globally in COVID-19 Vaccinations per 100 Residents.

Canada ranks #1 Globally in COVID Vaccinations per 100 Residents-Economy will grow

 

Canada is also ranked #1 in the world when considering the Share of Total Population that have received at least one dose of Covid-19 vaccine, according to Our World in Data.

Canada ranks #1 in the World in Share of COVID Vaccinated Population-Economy will grow

Canada ranks in the Top-10 Counties in Economic Freedom

According to Heritage.org, Canada ranks #1 in America (ahead of the U.S.) and #9 worldwide in terms of Economic Freedom.

Canada's Economy in the Top-10 Countries in the World for Economic Freedom

The same source indicates that:

  • Canada is the world’s second-largest country by land area
  • Canada is the world’s 10th-largest economy at USD $10 Trillion, with a population of less than 38 Million.
  • The Canadian economy, much like the U.S., is market-oriented.
  • Canada’s leading sectors are automotive and other manufactures, and its economy is particularly strong in the resources sector (forest products, minerals, oil and gas).
  • Approximately 75% of Canadian exports are bought by the U.S.
  • CUSMA (the new U.S. / Mexico / Canada Free Trade Agreement in place since mid 2020) will continue to play a crucial role in Canada’s economic growth, although Canada also has another 15 preferential Trade Agreements in place.

Canada’s economy is picking up speed, with confidence growing

The Conference Board of Canada (CBOC) recently reported that the Canadian economy has recovered around 80% of the jobs it lost during 2020 (the unemployment rate has gone down even further after their report was released). This think-tank forecasts that Canada’s economy will grow 5.8% in 2021 and 4.0% in 2022

Canada’s gradual but fast reopening of the economy comes along increasing confidence amongst consumers and key economic actors. In a separate COBC report, the organization states that Business confidence improved in the 2nd semester of 2020, and had fully recovered by winter. Capacity utilization is expected to improve on the heels of forecasted growth in consumer demand, adding incentives for business investments in late 2021. Other factors boosting confidence include the U.S. stimulus program under the Biden administration, which will attract investment by sectors focused on exports. A good example is the energy sector, where investment is expected to bounce back sharply in 2021 behind better Oil prices.

Another indicator of the increasing confidence in Canada’s economy is that, per a third report by CBOC, real consumption will increase by 3.5% in 2021 and will speed up its annual growth rate to 6.3% in 2022, with total consumer spending expected to recover in full early in 2022.

Data from BDC (the Business Development Bank of Canada), supports all these trends. This Government-backed bank for entrepreneurs indicates that Consumer spending and exports will continue to be the growth engines of Canada’s economy. BDC states that the relief programs by the Government of Canada have contributed to a much stronger recovery in Canada’s labor market compared to the United States, and that by October 2020 Canada had already recovered 80% of the 3 Million jobs lost previously due to the pandemic.

BDC forecasts that, to sustain growth in 2021, Small- and Medium-Enterprises (SMEs) in Canada will need to continue their positive investment trends in technology, remote work, and online sales. These positive investment trends observed in 2020 were pompted by an accelerated adoption of technologies in all economic sectors in Canada, resulting from increasing demand and needs in remote work, e-learning, tele-medicine, and e-commerce.

Organizations as important as BlackRock, the world’s largest Asset Manager, see the opportunities that the Canadian Economy offers for Investors.

BlackRock sees Canada's Economy as a Compelling Investment Opportunity

Source: Government of Canada, “Invest Canada” report

Canada is launching and supporting initiatives and investments in key sectors

With many Super-Clusters aimed at several high-growth industry sectors, Canada’s Economy is perfectly positioned to lead the pace in 2021 and beyond. These Super-Clusters are forecasted to attract $2 Billion into Canada’s economy and grow its GDP (Gross Domestic Product) by up to $50 Billion in the next 10 years.

Canada Super-Clusters support Initiatives and Investments in Key Sectors-Economy will grow

Source: Government of Canada, “Invest Canada” report

Canadian Super-Clusters as of 2021:

  • Digital Technology
  • Protein Industries
  • Advanced Manufacturing
  • Scale.AI
  • Oceans

Pivoting to grow its Technology sector and AI (Artificial Intelligence) industry, Canada continues to launch initiatives to accelerate investments in these areas.

Canada is growing its Technology Sector and AI Industry-Economy will growSource: Government of Canada, “Invest Canada” report

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