Canada Report: Ahead of the Curve in Returning to Pre-Recession Conditions
Sound decision-making by Canadian banks and businesses has resulted in the nation's weathering the global economic downturn better than most and putting it in a position to grow more rapidly.
Steve Stackhouse-Kaelble (Fall 2011)
(page 4 of 5)
In Quebec, 2011 got off to a good start, picking up following a relative pause reported by the Institut de la statistique du Québec in the third quarter last year. Growth is not breathtaking but is respectable, on a pace to nearly match last year's overall GDP advances that were the biggest in Quebec since 2000. The business economists at RBC anticipate recovery in some of Quebec's key manufacturing and service industries, along with strong business investment and more gains in the job market. Though the latter parts of 2011 could see renewed sputtering in the housing market and at the cash register, according to some projections, consumer spending is anticipated to build again in 2012.
Like Ontario, Quebec is making strides to capitalize on the promising electric vehicle business. Earlier this year, the province provided a $7.4 million grant to Phostech Lithium to establish Quebec's first lithium iron phosphate commercial production facility. Emploi-Québec added a quarter million dollars to support training at the $78 million facility. Leaders from Quebec also have been reaching across the Atlantic to explore research and innovation partnerships with European Union counterparts. A Quebec-EU innovation forum held last spring in Montreal focused on such areas as green aviation, renewable energy, next-generation ground transportation, and green information and communication technologies.