Canadian business leaders say trade diversification should be Ottawa's top priority: Léger poll
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Canadian business leaders are in the throes of major economic uncertainty and want the federal government to prioritize its approach to foreign and domestic trade, according to the latest Léger survey conducted exclusively for Financial Post.
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The senior business leaders surveyed identified trade diversification outside of the U.S. as the top priority for the government (36 per cent of respondents), followed by reducing interprovincial trade barriers (33 per cent) and agenda items like tax reforms and relief (29 per cent).
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Andrew Enns, executive vice-president of Léger's Central Canada operations, said Canadian businesses could be hoping these measures boost productivity and 'take the edge off' a potential recession. The data also reflected how Canadian businesses have changed their views of the U.S. as a reliable trading partner, Enns said.
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The poll findings revealed 86 per cent of senior business leaders were concerned about inflation and 87 per cent about a potential recession — high numbers, but not significantly different from Léger's last poll, which was conducted in March.
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Canadian businesses are in 'a bit of a holding pattern,' said Enns. 'There's just really no consensus around where things are going to go.'
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They're still taking, or considering taking, steps to manage their costs, such as cutting back on spending (68 per cent), buying or investing more in Canada (64 per cent) and looking for alternatives to American suppliers and clients (63 per cent).
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There was an increase in those considering or actually postponing new hirings (58 per cent, compared to 54 per cent in March) and laying off existing staff (36 per cent compared to 28 per cent). The May poll also said 42 per cent of business leaders were looking at reducing or had reduced or re-evaluated employee benefits and compensation packages.
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'The uncertainty for businesses is really challenging from an operational standpoint,' said Enns, adding that these measures don't bode well for Canadians looking for work right now. The unemployment rate ticked up to 6.9 per cent in April, returning to November's high, according to the latest data from Statistics Canada.
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