New Report From Western Union Business Solutions Says That 5G Investment & Digital Tech Will Be The Biggest Catalyst For Economic Growth Post-COVID-19

As the country moves towards economic recovery, new research out today from Western Union Business Solutions, a leader in international money movement and trade, shows that for Canada and other nations, technology is going to be a vital industry in helping a successful economic recovery after the pandemic.

The report explores the value of services trade and commerce to the global economy and forecasts an outlook for the next five years. Services trade, including technology, makes up more than half (55%) of all trade and includes non-physical values such as the exchange of expertise, business functions, and intellectual property.

The report shows that:

  • Canada is projected to increase its total services exports by $13bn by 2025, and digital services (technology, financial services and business-to-business) will contribute to over half (54%) of this growth.
  • 5G will be a huge part of that growth worldwide:
    • Operators are expected to invest around $900 billion worldwide in 5G networks between 2020 and 2025.
    • As the pandemic has highlighted the potential for remote interactions to replace geographic proximity, we can expect greater investment in digital infrastructure to take place in coming years, including faster adoption of 5G technologies.
  • Advances in automation, robotics and artificial intelligence (AI) will help modernize trade across borders.

You can see more details by clicking here.

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