Toronto, April 20, 2021
In the latest survey from The Business Monitor, Canadian executives were asked to rate the health of the Canadan economy and of their own organization, both currently and over the next 12 months.The Business Monitor tracks economic and business confidence on an ongoing basis.
The Business Monitor reveals a big shift in short-term economic outlook.
Since the start of the pandemic, there has been a dramatic turn around in economic confidence. At its nadir last spring, fully 80% of Canada’s business leaders said the economy would worsen over the next year. That number has been cut by more than half, as just over a third now think Canada’s economy will worsen. At the same time, there has been a noticeable upswing in the number saying it will improve.
Confidence is improving but remains behind pre-pandemic levels.
Importantly, however, the support for tighter restrictions among Ontario businesses has dropped a full 20 percentage points since the fall (64%). Ontario businesses are losing patience with public health restrictions more than other regions despite the relatively strong support at this juncture.
Business confidence is steadily improving.
Canadian executives view the health of their organization much better than the health of the economy. While still lower than pre-COVID, the number saying the current economic health of their company is good is at its highest level in over a year (48%).
The outlook for business is at its strongest point in a year.
Twice as many executives anticipate a better economic outlook for their organizations over the next 12 months compared to March last year. This is a remarkable turnaround in confidence given the now chronic state of the pandemic in Canada.