Canada is the 10th largest country globally and the second largest in North America in terms of GDP. As per the International Monetary Fund, the GDP of the country was around $1.73 trillion in 2019 with a growth of 1.5% in the last quarter of 2019 as compared to the same quarter in 2018. By the end of March 2020, more than 8,500 cases and around 100 mortalities due to COVID-19 has been registered in the country. The pandemic has caused a considerable hurdle in the economic activities in every industry segment in the nation. The TSX Composite Index, the benchmark Canadian index has fallen by more than 30% by 16th March 2020 as compared to 20th February 2020. A number of big lenders of Canada are forecasting that the Canadian economy can go into recession due to the COVID-19 pandemic. 

Based on industry classification, the impact of COVID-19 pandemic on Canada's economy is studied into automobile, energy, healthcare, retail & e-commerce, agribusiness and food, aviation, manufacturing, travel & tourism, and others. Among all the industries, the aviation industry is among the most affected industry in the country. The total number of airports operating in the country has reduced to 40 from 62 after the outbreak. Air Canada, the largest airline of the company has laid off half of its employees temporarily from 3rd April 2020 and has announced to reduce operations by 85-90% in the second quarter of 2020. Moreover, on March 26th Bombardier Inc., announced to halt their Canadian operation for two weeks in Ontario and in Quebec until 13 April 2020. Some other industries which are notably affected due to COVID-19 include travel and tourism, retail and e-commerce sector. A number of bricks and mortar restaurants are reducing their dining services in the country which include McDonald’s Canada. Besides, in Mid-March 2020 Cineplex Inc., also announced to close its 165 movie theaters and other entertainment venues till 2nd April 2020.  The energy industry is also expected to decrease in the country due to a downfall in the international crude oil prices. 

Key companies operating in Canada whose business operations are significantly affected due to COVID-19 include Air Canada, Bombardier Inc., Canadian Natural Resources Ltd., CGI Inc., Enbridge Inc., Fairmont Hotels & Resorts Inc., Fiat Chrysler Automobiles N.V., Ford Motor Co., Four Seasons Hotels Ltd., General Motors Co., InterContinental Hotels Group PLC, Magna International Inc. among others. A number of manufacturing companies are shutting their manufacturing units to prevent the spread of the virus. For instance, on 17th March 2020, the United Auto Workers announced the temporary shutdown of automobile factories in North America. After this, Ford Motor Co., General Motor Co., and FCA Canada announced to shut down their plants till 30th March 2020 in the country. In order to cope with the conditions, the government of Canada has announced an emergency aid package of $75 billion to increase healthcare infrastructure, pay the people who lost jobs, for the wage subsidies to small businesses among others. 

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on Canada's economy. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and the effects of COVID-19 on Canada's economy of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the pre and post-COVID-19 impact on the Canadian economy.
• A detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Canadian economy.
• Insights about market determinants which are stimulating Canada's economy.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.