Optimism in Canadian economy growing, but most still say economic conditions are bad: poll

A recent survey conducted by Research Co. reveals that the proportion of Canadians holding negative views about the economy has declined by six points compared to the beginning of the year.

The survey findings indicate a positive shift in how Canadians view the current economic conditions. However, of 1,000 Canadians involved in the survey, more than half of the respondents (56 per cent) consider the country’s economic conditions as “bad” or “very bad”.

The survey data show a growing sense of optimism in the overall economic outlook. Among the surveyed individuals, 41 per cent of them consider the current economic conditions as “very good” or “good.” That’s up six points from Research Co.’s polling from January 2023.

Breaking down the data region-wise, 42 per cent of British Columbian and Atlantic Canadians hold positive views about the current economic conditions. Compared to January, that’s up seven and 13 points, respectively.

Residents of Quebec are more likely to be optimistic about the country’s economic condition with 45 per cent (up four points) holding a positive attitude, according to the survey.

Research Co.’s data shows that there has been a 15-point increase in those expressing positivity about the Canadian economy in Saskatchewan and Manitoba, with 43 per cent of them having a positive view. The proportion is lower in Alberta (30 per cent) and Ontario (41 per cent, up four points).

Of the respondents, 32 per cent of them foresee a decline in the nation’s finances over the next six months. This shows a 12-point decrease since January.

With the challenges posed by inflation, the survey findings underscore the prevailing concerns and uncertainties regarding the economic landscape, as only 16 per cent of surveyed Canadians anticipate an improvement in the country’s finances in the next six months and 45 per cent (up seven points) predict no changes.

When it comes to personal finances, the survey findings indicate a ‘little” movement as over half (52 per cent) of Canadians said their personal finance is “very good” or “good” and 46 per cent regard it “poor” or “very poor”.

According to the survey findings, there has been a decline in the percentage of Canadians who have expressed “frequent” or “occasional” concerns about the value of their investment (48 per cent, down four points) and the safety of their savings (47 per cent, down five points) over the past two months.

When Canadians were asked about how unemployment has impacted their household, 34 per cent (down three points) said they were able to cover their mortgage or rent payment and 27 per cent (down two points) stated their employer felt serious financial trouble.

Research Co. also asked Canadians about how confident they were that Prime Minister Justin Trudeau could do the right thing to help the economy. Of the respondents, 43 per cent of them said they have confidence in Trudeau to do so. However, only 36 per cent were said they were confident in Conservative leader Pierre Poilievre and 33 per cent said they had confidence in Bank of Canada Governor Tiff Macklem.

 Methodology:

Results are based on an online study conducted on June 26 to June 28, 2023, among 1,000 adults in Canada. The data has been statistically weighted according to Canadian census figures for age, gender and region. The margin of error—which measures sample variability—is +/- 3.1 percentage points, 19 times out of 20.

Reporting for this story was paid for through The Afghan Journalists in Residence Project funded by Meta.