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 More