Quebec has been making strides in economic growth over the last few years, and 2021 promises to be no different. The past decade has seen a rise in startups and small businesses that have shifted the Quebecois economy to knowledge and innovation-oriented industries, resulting in consistent GDP growth and diversifying the province’s economy.
In 2021, several industries are worth keeping an eye out for as they continue to drive the economic growth of Quebec. These industries are expected to outperform in the coming year, propelling the economic growth in the province.
Cannabis
One of the industries that are predicted to take off in the Quebec region is the cannabis industry. Since the legalization of cannabis, Quebec has seen a surge of new businesses entering the market, including cannabis retailers, producers, and suppliers. The sale of legal cannabis in Quebec has exceeded expectations, making it a promising venture for investors and entrepreneurs alike. In 2021, the booming cannabis market will continue to create jobs, increase tourism, and drive the growth of ancillary businesses such as cultivators, transporters, and testing facilities.
Renewable Energy
Quebec is leading the way when it comes to clean energy, with 99% of its electricity generated from hydropower, making it one of the cleanest electricity producers in the world. This commitment to renewables has encouraged the growth of industries such as wind, solar, and biofuels, making Quebec a host of a unique mix of energy technologies. In 2021, the focus on renewable energy is expected to increase, opening up new opportunities in energy storage, energy-efficient buildings, and sustainable transportation.
Information Technology
Quebec is fast becoming a hub for innovation and knowledge-oriented businesses with a rapidly growing tech industry. The cluster of AI and machine learning companies is growing, with startups like Element AI and Imagia AI leading the charge. Quebec has seen a surge in Fintech companies, which make use of innovative technologies such as blockchain, payment solutions focusing on integration with tech and telecommunications. In 2021, these industries are poised to continue to drive substantial growth, creating more job opportunities and increasing the economic growth of the Quebec economy.
Aerospace and Aviation
The aerospace industry is working to establish Quebec as one of the world’s top aerospace hubs, with companies such as Bombardier and Pratt & Whitney Canada calling the province home. This industry is a significant contributor to Quebec’s GDP, with exports reaching $15 billion in 2019. In 2021, the aerospace and aviation industry will continue to expand, with more investment in R&D and manufacturing facilities.
Conclusion
In conclusion, Quebec’s economic growth in recent years is due in large part to its knowledge and innovation-oriented industries. Focusing on these industries is essential to keep the momentum going, which is vital as we move past the pandemic. In 2021, the industries mentioned above are worth keeping an eye on, as they are poised to continue to drive significant growth in Quebec. Exciting times are ahead for Quebec’s economy, and the outlook is promising.
