Most Ontario businesses think Canada is in an active recession, survey finds

A recent survey has shown that most Ontario businesses believe Canada is already in an active recession. 

According to Merchant Growth’s Economic Downturn Poll, 61 Ontario-based enterprises stated that the country is already in an economic tailspin. 

Due to this sweeping lack of confidence, survey results show that roughly 64 per cent of provincial businesses hold little to no confidence in a return to economic stability. 

80 per cent of Ontario businesses have cut operational spending substantially, while one in five of these organizations claim they are not remotely prepared for future economic strain. 

On a national scale, Merchant Growth’s findings show that 64 per cent of Canadian businesses believe an active recession is already occurring, based on a pool of 150 respondents. 

A sweeping majority of those surveyed nationally–73 per cent–have cited concerns over further economic turmoil.

Concerning solutions, survey respondents cited the following as potential remedies for Canada’s current economic troubles.

• 80 per cent want access to low-interest small business loans
• 53 per cent indicated that permanent tax relief and a refundable credit for supply chain diversification would be an ideal solution.
• 47 per cent of businesses want rent or utility subsidies.
• 42 per cent indicated wage subsidies or hiring incentives as a potential remedy. 
• 20 per cent desire a slash in regulatory red tape for easier operations. 

For more information on Merchant Growth’s Economic Downturn Poll, visit their official website.