Businesses throughout Canada's chief manufacturing sectors are struggling to emerge from the recession due in large part to a simple lack of customers and sales, suggests a new report published in the Winter 2011 edition of the Canadian Industrial Profile Service.
The report, conducted by the Conference Board of Canada and the Business Development Bank of Canada, provides a five-year forecast of production, employment, revenue and other factors across the following sectors: chemicals, computer and electronic products, non-metallic mineral products, plastic and rubber products and pharmaceuticals.
"Many manufacturing industries such as these are deeply integrated into national and global supply chains," said Michael Burt, associate director of Industrial Economic Trends. "The recession ended more than a year ago, but the global recovery has been slow. As such, in terms of production, profitability and employment, it will take several years for most of these industries to recover fully from the effects of the recession."
In order to remain competitive with the market share, BDC recommends businesses begin to focus on innovation, as information and tech-driven sectors have already begun to establish themselves as the future of the global economy.
