Executives of Canada's private companies remain optimistic about the country's economic outlook for 2010, but more than half believe the recovery is still months away.
About 72% of respondents to Grant Thornton's business report said they were either "very" or "slightly" optimistic about Canada's economic outlook over the next 12 months. About 35% believe the economy will turn around in the second half of 2010, while 22% believe the recovery will take place in 2011.
Western Canadians were the most optimistic about the economy with 84% saying they were either very or slightly optimistic about the next 12 months.
Over half of respondents said they expect an increase in their company's revenue this year, while 49% expect to see an increase in profitability. A third of respondents expect access to capital to become easier over the next 12 months and 37% believe it will remain roughly the same.
About 41% said they plan to invest more money in plants and machinery, although 56% expect employment levels to remain flat.