For a business seeking to increase its sales and net income, it is normally much easier to achieve this in a growing market than an economy that is stagnant or contracting. So where should Canadian businesses look for growth in 2019 and beyond?
Check out the link below from visualcapitalist.com, who taken some forecasts from the IMF and Standard Chartered Bank to come up with some predictions of their own. Despite near full employment and a booming economy, the U.S. is only expected to contribute 11% of the growth in global GDP in 2019. The figure for China, at 33%, is perhaps less surprising but the fact that an additional 29% (almost as much as China) is emanating from other Asian countries outside of China and Japan. A good portion of this is derived from India, but other countries in the region such as Indonesia, Vietnam and the Philippines are also playing a major part.
In contrast, Canada’s 2019 contribution to the growth in global GDP is expected to be around 1%. For Canadian companies seeking to scale up quickly the message is clear – go east!