In this edition of 5 Minutes for Business, Hendrik Brakel, our Senior Director, Economic, Financial and Tax Policy, examines how support for Canada’s tourism sector could bolster our economy.
Canada’s economy shrank by 0.6% in the first quarter. With a weak domestic economy, Canadian business increasingly needs to look for opportunities in international markets.
Wouldn’t it be great if we could turn things around by getting foreigners to come spend money here in Canada? That’s why tourism is one of the top priorities of the Canadian Chamber of Commerce. Thank goodness tourism is also Canada’s second largest export industry, and it is gaining strength. It also benefits restaurants, retailers and so many more companies that don’t, or can’t, export.
Tourism is a huge industry, larger than agriculture or the auto sector. It supports 170,000 small- and medium-sized businesses across the country, contributes over $88 billion to the Canadian economy and generates over 627,000 jobs.
But what comes next? How can we continue to develop this sector to further develop our economy? That’s the subject that is being tackled this week in 5 Minutes for Business. And the timing is good, since this week is Tourism Week! To find out more, use the hashtag #StandUpForTourism.
For more information, please contact Hendrik Brakel.