Confidence Hits New Low

Business confidence has dropped to a new low, says the Ontario Chamber of Commerce’s (OCC) seventh annual ‘Ontario Economic Report.’ “Labour shortages, inflation, healthcare system vulnerabilities, and forecasts of an economic contraction are dampening confidence in the province’s economic outlook,” says Rocco Rossi, president and CEO of the OCC. It says only 16 per cent of organizations surveyed have confidence in the economy. This is down 29 per cent from last year. Despite low confidence in the economy, 53 per cent of businesses are optimistic about the outlook and growth prospects of their own organizations as high employment rates and population growth should prevent a sharp decline in consumer spending. However, small businesses want governments to prioritize policies and programs that support their immediate financial and operational challenges, while large businesses are more interested in broader workforce development and healthcare issues.