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KPMG Poll Finds Canadian Manufacturers Optimistic About Future
July 24, 2012
A new poll from KPMG Canada found that uncertainty in the global economy hasn’t dampened the moods of the nation’s manufacturers. They expect that they will be growing their operations and generating new profits over the next two years.
The report was released shortly after Statistics Canada has found the recovery in the retail industry has been unpredictable. Sales increased 0.3% in May after falling 0.6% in April. Other data has shown Canada’s economy has been turbulent over the last few months.
While the economic challenges continue to mount, manufacturers feel confident that they will surpass them. They have already developed state of the art business models. They are continuing to develop new technology to increase efficiency and improve quality standards over the coming years.
One of the biggest struggles Canadian manufacturers have faced is competing with global retailers who are able to operate on much smaller budgets. They have been taking additional steps to increase their competitiveness by innovating new products to lower costs.
Their other chief challenge is addressing the risks facing the global economy. Manufacturers are taking new measures to mitigate those risks and isolate themselves from the economic slowdowns facing Europe, China and the United States.