TORONTO – More than two-thirds of executive level CPAs believe there will be a recession in Canada this year, according to the recent Chartered Professional Accountants of Canada Business Monitor survey. In addition, only 18 per cent of respondents are optimistic about the Canadian economy, compared to 40 per cent in Q1 2022.
“CPAs in business have a very realistic economic outlook, with the consensus anticipating a mild recession coming this year. However, very few envision declaring bankruptcy or shutting down,” says David-Alexandre Brassard, CPA Canada’s chief economist. “The Canadian economy has been surprisingly resilient in early 2023, but there are many signs that it will weaken before it gets better.”
Thirty-eight per cent of respondents feel inflation will impact their businesses for a year or more, 28 per cent say it will impact their businesses for less than a year and three per cent say they don’t know the duration of the impact. A further 31 per cent either say inflation is not impacting or are unsure if inflation is impacting their businesses.