Just 33% of Canadian business directors expect the economy to improve within five years

Having surveyed a number of business leaders across Canada, a new report from the Institute of Corporate Directors (ICD) has revealed that just 33% of respondents are expecting the economy to improve within the next two-to-five years.

The latest report shows a decline in confidence compared to 2017, with the 33% representing a significant fall compared to more than half (52%) of those questioned last year having expressed such optimism.

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Uncertainty surrounding international relations is likely to be playing a factor in the increasing economic uncertainty, with Canadian embroiled in both the NAFTA negotiations and disputes surrounding the US aluminum and steel tariffs.

According to the ICD, the number of those who are worried about the political stability of Canada rose in the latest survey, with 34% now of the belief that the situation will worsen within the next five years – up from the 25% recorded 12 months ago.

Comparatively, just 8% of respondents expected the political situation to either improve at all over the same time period.

Meanwhile, 41% of respondents had a negative outlook on the recently implemented minimum wage hikes compared to 6% of those viewing this as a positive change – an issue that has been subject of significant controversy across the country in recent months.