Global uncertainty has C-suite executives still sitting on the fence in terms of a 12-month outlook for the national economy, says a quarterly survey of Canadian boardrooms.
The uncertainty of what will happen with the U.S. presidential election, the fallout from the Brexit vote and world oil prices all raised concerns for respondents
More than half (53%) of business leaders polled are neutral about the prospects for the Canadian economy, according to the survey conducted by Harris Poll and the Chartered Professional Accountants of Canada. The number of fence-sitters count slightly more than previous quarter when 47% stated a neutral outlook.
More than a quarter (26%) expressed a pessimistic viewpoint about what lies ahead economically while only 21% are optimistic.
Most executives are adopting a “wait-and-see approach,” acknowledged Joy Thomas, president and CEO of CPA Canada, in a press release.
Nearly three quarters (72%) believe Brexit vote will have negative impacts on the global economy and 40% say it will have a negative effect here at home.
With a looming U.S. election, nearly 70% of respondents are concerned the new president, no matter who is elected, will enact more restrictive trade policies with Canada.
Conversely, within the walls of their own businesses, executives were more bullish. Business optimism was at 46 per cent, basically unchanged from the previous quarter. Of note, nearly two thirds (62%) of respondents are projecting revenue growth over the next 12 months, compared with 59% in the previous quarter.
The CPA Canada Business Monitor polls accountants in CFO, CEO, COO and other senior leadership roles.
