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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.”

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Windsor-Essex Regional Chamber of Commerce Successfully Advocates for Businesses at Canadian Chamber AGM

The Windsor-Essex Regional Chamber of Commerce is delighted to have the support of Chamber network partners across Canada for its policy resolutions submitted for the Canadian Chamber of Commerce’s (CCC) 2023-2026 Policy Compendium. These resolutions are aimed at streamlining the immigration to workforce pipeline and updating tax provisions for commercial vehicles.

“After reaching out to our Chamber partners locally and across Southern Ontario, we are pleased to see support for our policy resolutions at the national level,” said Chamber CEO Rakesh Naidu. “The resolutions we put forward are designed to help bolster the Canadian workforce and address with the challenges businesses across the country are facing.”

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Windsor-Essex Regional Chamber of Commerce Successfully Advocates for Local Sectors at Ontario Chamber AGM

The Windsor-Essex Regional Chamber of Commerce is delighted to have the support of our Chamber network partners for our policy resolutions submitted for the Ontario Chamber of Commerce’s (OCC) Policy Compendium, 2023-2026. These resolutions covered our burgeoning wine sector, the evolving auto industry, and growing international student population.

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Canada’s 2023 Budget Must Address Declining Productivity

With the economy facing global headwinds, Canada needs competitive investments in innovation, productivity, and sustainable economic growth. However, growth cannot occur without significant and sustained investments from the private sector – and those dollars will flow where productivity is highest. Today, the Windsor-Essex Regional Chamber of Commerce and the Ontario Chamber of Commerce (OCC) released the 2023 Federal Budget Submission to lay the path for business predictability and competitiveness.

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Chamber: Ontario’s 2023 Budget Must Focus on Growth Enabling Investments

According to the Ontario Chamber of Commerce’s (OCC) Ontario Economic Report (OER), Ontario business confidence has dropped to a record low in 2023. Labour shortages, inflation, health care system vulnerabilities, and fears of a potential economic contraction are dampening confidence in the province’s economic outlook.

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Business 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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Economic Growth Strategy Critical as Ontario Faces Uncertain Times

Against the backdrop of rising interest rates, inflation, constrained supply chains, labour shortages and fears of a recession, it is critical for governments to focus on creating the right conditions to support competitiveness, productivity, and long-term economic growth. The Ontario Chamber of Commerce (OCC) has identified critical areas that must inform Ontario’s growth strategy outlined in today’s release: Supporting Economic Growth in Uncertain Times.

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Ontario’s Tourism Industry Needs Comprehensive Growth Strategy

While domestic and inbound tourism improved in the latter half of 2022, the industry is not expected to fully recover from the pandemic until 2025 – a situation that looks grimmer as a recession approaches, cost of living goes up, and consumer spending behaviour shifts. Ontario’s tourism sector is calling for a comprehensive strategy to address ongoing impacts of COVID-19 border closures, capacity restrictions, and structural issues.

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Windsor-Essex Regional Chamber of Commerce Partners with Downtown Windsor Business Improvement Association

The Windsor-Essex Regional Chamber of Commerce is thrilled to announce a new partnership with the Downtown Windsor Business Improvement Association (DWBIA). These two organizations represent thousands of local businesses and are working together with the goal of providing even more savings and benefits to their respective members.

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