An increasing number of business leaders are optimistic about the prospects of the Canadian economy over the next 12 months, according to a new survey conducted for the Chartered Professional Accountants of Canada.
The latest CPA Canada Business Monitor (Q2 2017), published Aug. 15, polled more than 500 accountants in business leadership positions. Fifty per cent expressed optimism about the Canadian economy, a sharp increase from 38 per cent in the first quarter of 2017. This is more than double the 21 per cent who reported feeling optimistic in the same quarter last year, the poll found.
12 per cent were pessimistic
The poll found that 38 per cent of the business leaders were neutral about the outlook for Canada's economy while 12 per cent were pessimistic.
When asked about the challenges facing Canada’s economy, protectionist trade sentiments in the U.S. topped the list, cited by 23 percent of the respondents. The price of oil was cited as a top concern by 19 per cent of respondents.
"Canadian business leaders are wary but are not being paralyzed by possible risks." says Joy Thomas, president and CEO, CPA Canada. "The significant increase in optimism is a reflection of Canada's economic resilience, especially with continued uncertainty in the United States."
Company specific optimism
When respondents were asked how they viewed the prospects for their own companies over the next 12 months, 61 per cent said they were optimistic. This was virtually unchanged from the previous quarter.