Slowdown has gripped the global economy in its clutch since the onset of the pandemic. Though fiscal and monetary policies have improved the situation, people are still not convinced about the ultimate result. According to a recent survey, most Canadians are doubtful about the economy despite positive outlook held by some.
Conducted by Research Co., the survey points out that there has been a notable decrease of six points in the proportion of Canadians who hold negative views about the economy compared to the beginning of this year. Out of the 1,000 Canadians surveyed, more than half of the respondents, around 56 percent, still regard the country’s economic conditions as bad or very bad.
However, the findings indicate a positive shift in how Canadians perceive the current economic conditions. The survey data reveal an increasing sense of optimism regarding the overall economic outlook. Among the individuals surveyed, 41 percent of them consider the current economic conditions as very good or good. This represents a six-point increase compared to Research Co.’s polling data from January 2023.
The findings presented are derived from an internet survey conducted from June 26 to June 28, 2023, involving a sample of 1,000 Canadian adults. To ensure representation, the data has been adjusted using statistical weights based on age, gender, and region, reflecting the Canadian census data. The margin of error, which gauges the potential sample variations, is +/- 3.1 percentage points, with a confidence level of nineteen times out of twenty.
Among the respondents, 32 percent anticipate a decline in the nation’s finances over the next six months. This reflects a 12-point decrease since January. Regarding personal finances, the survey indicates limited movement, with 52 percent of Canadians describing their personal finances as very good or good, while 46 percent consider them poor or very poor. The survey findings also show a decrease in the percentage of Canadians expressing concerns about the value of their investments (48 percent, down four points) and the safety of their savings (47 percent, down five points) over the past two months.
The survey results highlight the concerns and uncertainties surrounding the current economic situation, particularly due to inflation. Over 70 percent of respondents anticipate an increase in their expenses for groceries and gasoline within the next six months. Only 16 percent of surveyed Canadians anticipate an improvement in the country’s finances in the next six months, while 45 percent expect no changes. Regarding the impact of unemployment on households, 34 percent (down three points) stated they were able to cover their mortgage or rent payment, and 27 percent (down two points) mentioned that their employer was experiencing serious financial trouble.
Breaking down the data by region, the survey reveals that:
- Positive views about the current economic conditions are held by 42 percent of residents in British Columbia and Atlantic Canada. This represents a seven-point increase compared to January.
- In Quebec, 45 percent of residents hold a positive attitude towards the country’s economic condition, which is an increase of four points.
- The data from Research Co. also indicates a significant increase in optimism about the Canadian economy in Saskatchewan and Manitoba, with a 15-point rise. Currently, 43 percent of residents in these provinces have a positive view.
- However, the proportion is lower in Alberta at 30 percent and Ontario at 41 percent, although the latter has seen a four-point increase.
Also Read: How High Wage Expectations Fuel Inflationary Pressure for Businesses
Most Canadians are doubtful about the economy despite positive outlook held by some. In terms of confidence in political leaders and institutions, the survey reveals that 43 percent of respondents expressed confidence in Prime Minister Justin Trudeau’s ability to help the economy. According to Mario Canseco, President of Research Co., Justin Trudeau’s favorability rating as an economic manager is higher in Ontario at 48%, as well as in Atlantic Canada with the same percentage. In Quebec and British Columbia, his rating stands at 43%. On the other hand, Pierre Poilievre performs well in Alberta with a favorability rating of 50%, and in Saskatchewan and Manitoba at 46%.
However, only 36 percent had confidence in Conservative leader Pierre Poilievre, and 33 percent expressed confidence in Bank of Canada Governor Tiff Macklem.
Source: Research Co. Survey
