TORONTO, Aug. 5, 2020 /CNW/ - The technology sector is the
good news story for the Canadian economy, according to an outlook
for the sector in the BMO Blue Book.
The BMO Blue Book, published by BMO Economics and BMO Business
Banking, combines the expertise of BMO's economists with
information on current national and provincial business conditions
provided to BMO's business bankers by local businesspeople. This
edition also features an outlook for five key sectors of the
Canadian economy: technology, agriculture, energy, manufacturing,
and construction.
"With Canada's economy and
workers crushed by COVID-19 and low energy prices, there
has never been a better time for high-tech to carry the
torch," said Doug Porter, Chief
Economist, BMO Financial Group. "Though still relatively small, the
sector is growing rapidly and can only benefit from an acceleration
in online shopping and remote working, activities that rely on
efficient, high-speed digital technology."
The report notes that few sectors have grown faster than
Information and Communications Technologies. Led by a number of
high-flying homegrown companies and a rapid expansion of U.S.
technology giants north of the border, it has consistently
outperformed the national economy in recent years.
The report also states that foreign tech firms are attracted to
Canada's welcoming immigration
policies, stable political system, well-educated population, and
relatively low industry wages. "Overall, the tech sector is a
beacon of light in a very cloudy economic outlook," concluded Mr.
Porter.
"We continue to see strong appetite from companies operating in
the technology space looking for growth capital," said Devon Dayton, Managing Director, Technology
& Innovation Banking Group, BMO Bank of Montreal. "With
shifts in consumer preferences and changes in how businesses
operate, we expect further growth in this sector and stand ready to
support companies to leverage these tailwinds."
The BMO Blue Book can be downloaded at:
https://bmoficc.bluematrix.com/sellside/EmailDocViewer?encrypt=97c0d8cd-f2d4-430e-82d2-b73dce5354f9&mime=pdf.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly
diversified financial services provider - the 8th largest bank, by
assets, in North America. With total assets of $987
billion as of April 30, 2020, and a team of diverse and
highly engaged employees, BMO provides a broad range of personal
and commercial banking, wealth management and investment banking
products and services to more than 12 million customers and
conducts business through three operating groups: Personal and
Commercial Banking, BMO Wealth Management and BMO Capital
Markets.
Internet: www.bmo.com Twitter: @BMOMedia
SOURCE BMO Financial Group