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Executive CAs more optimistic about the Canadian economy

Optimism about the Canadian economy is up significantly among senior-level chartered accountants interviewed f...


August 26, 2009  


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Optimism about the Canadian economy is up significantly among senior-level chartered accountants interviewed for the most recent CICA/RBC Business Monitor (Q2 2009). Despite that growing optimism, some gloomy economic expectations linger.

 

Upwards of 28% of respondents expressed optimism in the economy over the next 12 months. That is up sharply from 4% in the first quarter of this year and just 2% in the last quarter of 2008.

 

In fact, optimism levels have returned to where they were a year ago, but they still lag far behind those recorded in the final three quarters of 2007 (67%, 66% and 63%).

 

“Optimism may be rising, but economic expectations are still not good enough to warrant universal good cheer,” said Kevin Dancey, president and CEO of the Canadian Institute of Chartered Accountants (CICA).

 

“An increase in optimism among senior-level chartered accountants is encouraging and it signals that a difficult balancing act lies ahead. Business leaders must address short-term issues, but attention also must be paid to the future to ensure companies are in position to take full advantage of the eventual recovery.”