Posts Tagged ‘Business’
Post-Pandemic Business Confidence Continues to Decline: Chamber Report
High inflation, interest rates and housing costs continue to drive pessimism in Ontario’s economic outlook, according to the Ontario Chamber of Commerce’s (OCC) eighth annual Ontario Economic Report (OER). Despite this, many businesses surveyed remain confident in their own outlooks, with 53 percent expecting to grow.
“Business confidence in the economy has plunged from 29 percent at the height of the pandemic to just 13 percent two years later – driven by the rising costs of living and of doing business,” said Daniel Tisch, President and CEO of the OCC. “There are bright spots – particularly in growth sectors such as mining – thanks to strategic investments, population growth and improved labour market resilience. In 2024 and beyond, productivity must be our priority.”
Read More2023 Business Excellence Awards Winners Announced
The Windsor-Essex Regional Chamber of Commerce honoured the area’s top local companies, individuals, and organizations on Wednesday May 17th at the Sold Out 2023 Business Excellence Awards, presented by Windsor Star.
Read MoreBusiness Confidence Hits Record Low, Chamber Report
“Ontario business confidence has dropped to a record low in 2023. Labour shortages, inflation, health care system vulnerabilities, and forecasts of an economic contraction are dampening confidence in the province’s economic outlook,” said Rocco Rossi, President and CEO, OCC. “Only 16 percent of organizations surveyed have confidence in the economy. This is down 29 percent from last year. Promisingly, most businesses feel confident they can withstand these headwinds and continue to grow in the year ahead.”
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