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Small business owners' poor mental health has gotten even worse, BDC says

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The findings shed light on the human cost of an extended period of high inflation, rising interest rates and slowing economic growth

. Forty-five per cent of respondents said “economic slowdown or recession” was one of their sources of stress, and four of the five biggest concerns related to business and finances.

Dan Kelly, head of the Canadian Federation of Independent Business, said the findings are sad, but that he’s not surprised, particularly considering the economic highs and lows that came about from the pandemic, and the mental burdens entrepreneurs felt as a result. The Bank of Canada raised interest rates in response, and inflation now is hovering around four per cent. But that improvement came after the central bank increased the benchmark rate by 4.25 percentage points in the span of a year, and policymakers say they have no intention of lowering rates anytime soon.

 

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