Many Canadian business leaders optimistic about economy

Just over half of Canadian business leaders are optimistic about the general economy and their own company, but 95 per cent want a comprehensive review of federal spending and almost two-thirds said they are concerned about the government’s fiscal position, according to a new survey conducted for the Chartered Professional Accountants of Canada. 

Some 52 per cent of survey respondents reported being optimistic about the Canadian economy over the next 12 months – more than twice the number of respondents who expressed pessimism (20 per cent), with a further 28 per cent neutral on the matter. Some 63 per cent indicated they are very or extremely concerned about the government's fiscal position.

Pandemic-related assistance  

The majority of these senior business leaders believe changes to COVID-related assistance are needed, including ending programs for individuals (supported by 80 per cent) and for business (55 per cent).

The top challenges to the growth of the Canadian economy cited were: supply chain issues (28 per cent), employee recruitment, retention and development (17 per cent), and lack of skilled workers (16 per cent). COVID-19 was mentioned fourth, at 11 per cent. 

Only 20 per cent predict a decrease in profits 

Profits are expected to rise according to 62 per cent of respondents, with only 20 per cent foreseeing a decrease. And despite concerns about the availability of talent, 52 per cent predict the number of employees working for their organizations will increase versus nine per cent anticipating a decline. 

“The economic recovery is well under way, but the pandemic has left its mark on society and public finances," said Charles-Antoine St-Jean, president and CEO, CPA Canada. "Sustaining our growth and ensuring it benefits all Canadians and is in line with our environmental goals will require efforts from the private and public sectors alike." 

Climate change is also attracting the attention of business leaders with 64 per cent of respondents agreeing strongly or somewhat that Ottawa should focus on mitigating climate change.