Canada economy more dependent on small firms than other countries: study

A new study finds that Canada’s number of billion-dollar firms by annual revenue are more globally engaged than ever but the country’s economy is far more dependent on smaller firms than other similar economies. The study, released by an organisation known as Centre for Digital Entrepreneurship and Economic Performance (DEEP Centre) in Canada at the weekend and commissioned through a partnership with three other entities, evaluated 169 publicly traded firms with revenues of more than one billion Canadian dollar (about 0.94 billion US dollar). Together they employ nearly 1.4 million Canadians. The research presented a demographic analysis of Canada's largest firms, their contributions to Canadian employment and research and development spending, as well as an analysis of the country’s performance in producing globally competitive firms relative to a series of comparator economies, including Australia, Germany, Sweden, the United Kingdom and the United States. Compared to similar economies, Canada has an equivalent number of billion-dollar firms, but they are highly concentrated in natural resources and financial services sectors, according to the study, according to a news agency.