Ontario Business Economic Outlook Poor

In October, only 20 per cent of respondents to an Ontario Chamber of Commerce (OCC) survey expressed confidence in Ontario’s economic outlook. This is down two percentage points from September, and the lowest level since the OCC began measuring business confidence in 2011. “The second wave of this pandemic and prolonged uncertainty about the future are taking their toll on businesses,” says Rocco Rossi, president and CEO of the Ontario Chamber of Commerce. “Confidence in Ontario’s economic future has dropped to an unprecedented low.” However, 60 per cent of businesses are confident that entrepreneurship in Ontario will rebound after the COVID-19 crisis. Still the OCC would like this number to be much higher, as Ontario will need small businesses to be an engine of post-pandemic job creation and economic recovery. Half of Ontario businesses remain cautiously optimistic about the future of their own organizations, with only 21 per cent lacking confidence. The top reasons for their confidence include increased demand for their products/services, growing client bases, and ‘buy local’ campaigns.