Corporate directors see broader economic recovery taking more than two years, survey finds
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Overall, we’re confident that there is a lot of pent-up demand, and saved incomes, waiting to be unleashed
Avery Shenfeld, CIBC Capital Markets
“Overall, we’re confident that there is a lot of pent-up demand, and saved incomes, waiting to be unleashed once the economy gets the shot in the arm it needs, from a literal shot in our arms.”
Shenfeld said his projections anticipate a successful rollout of vaccines, with efficacy that meets expectations.
“So there is still some work to be done,” he said.
Rocco Rossi, chief executive of the Ontario Chamber of Commerce, said his organization remains “deeply concerned about the pandemic’s impact on small businesses” as the bulk of the province will remain in lockdown through at least Jan. 23.
On Tuesday, he called on government to lay out a “clear timeline” for COVID-19 vaccination across the country.
“Vaccine deployment and distribution are critical to businesses reopening safely, restoring consumer confidence, ensuring a robust economic recovery and saving lives,” Rossi said.
The Canadian Chamber of Commerce said it does not have a year-end figure for the impact of the pandemic on business, and referred to a survey conducted by Statistics Canada from mid-September to late October. StatsCan’s Canadian Survey on Business Conditions found that almost two-fifths of businesses had laid off staff since the start of the pandemic, but that around three-quarters expected to retain the same number of employees over the next three months and had the cash or liquid assets required to operate.
Conversely, more than two-fifths of businesses could not take on any more debt, nearly one-fifth of businesses expected to raise prices, and 5.2 per cent reported that they were actively considering bankruptcy or closure at that time.
