Canada’s service industries eye Asia economic boom
March 15, 2004
By Canadian Consulting Engineer
Export Development Canada is predicting that service exporters such as consulting engineers will enjoy a boost in b...
Export Development Canada is predicting that service exporters such as consulting engineers will enjoy a boost in business during 2004.
The emergence of Asia as an economic hub and an importer of service exports will help to raise world service trade by 9%, and Canadian services trade by 5% says the crown corporation’s public affairs office. The corporation is also predicting a “synchronized world expansion,” generally.
SARS and the war in Iraq have constrained global economic growth during the last two years, says EDC, but things are now about to change. They say computers, software and R&D services are expected to lead the growth in Canada’s export services, while industries like transportation that saw a downturn last year, are expected to rebound.
The service industry, which includes consulting engineering, accounts for two-thirds of Canada’s economic activity in 2004, amounting to Cdn. $56.3 billion in exports last year.
A full report EDC World Trade in Services is available at www.edc.ca/docs/ereports/speeches/2004/Economics/WTS