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KPMG: Reduced confidence in the Canadian economy
December 4, 2012
By Rob Starr, Content Manager, Big4.com
The Ivey Entrepreneurs Index reveals that two-thirds of entrepreneurs surveyed believe the Canadian economy will grow over the next year, a sharp 12% decline from only six-months ago. Coupled with a decline in overall economic optimism, high growth entrepreneurs are becoming less likely to hire additional employees. This past spring 84% of those surveyed planned on hiring, however, that figure now stands at 77%, marking a seven percent reduction.
The Ivey Entrepreneurs Index is based on a short survey of five questions distributed to 350 Fellows of QuantumShift™. Entrepreneurs are asked what they expect will happen in their private companies over the next 12 months, covering their outlook for the Canadian economy in general as well as prospects around revenue, profits, hiring, and borrowing.
In spite of diminished economic confidence, the Index found that 90% of entrepreneurs still expect their revenue to grow, a figure which has remained relatively steady over the past two years. But over the past six months the Index shows that six percent fewer entrepreneurs believe their profits will grow in the next year.
Paul Woolford, Partner, National Program Champion, KPMG Enterprise comments:
“There is no doubt some entrepreneurs are facing headwinds in the current economic climate, however, we are still seeing many companies moving forward confidently,” he said. “Entrepreneurs have an advantage that they are able to be nimble in tough times, changing their course for smoother sailing.”