Business confidence low but still some hope

Business confidence is at an all time low according to the Ontario Chamber of Commerce with Quinte West businesses echoing that feeling.Ontario Economic ReportLabour shortages, inflation, and forecasts of an economic slowdown are dampening confidence in Ontario’s outlook however, many businesses feel confident they can withstand the headwinds and continue to grow in the year ahead.Provincially only 16% of businesses are confident in Ontario’s Economic Outlook.

In Quinte West that number dropped to just 7% with the cost of living cited as the biggest reason for pessimism. Forty-six per cent of businesses said they grew over the past year and 21% shrunk which is in line with Ontario overall.Labour shortages remain a concern as 50% of respondents currently have a labour shortage and 54% said they expect labour shortages in the year ahead, slightly less than the provincial result.Top priorities for Quinte West respondents are: Reduce/simplify business taxes; support businesses with energy costs; strengthen local supply chains, industries, and manufacturing.

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