Pandemic top economic challenge but the pain is not evenly spread: CPA Canada Business Monitor (Q3 2020)
TORONTO, Sept. 22, 2020 /CNW/ – A majority of Canadian business leaders consider the effects of the COVID-19 pandemic the number one challenge hindering the country’s economic growth, according to a new survey conducted for Chartered Professional Accountants of Canada (CPA Canada).
About half (52 per cent) of respondents cited the pandemic fall out as the top economic challenge; much greater than the next identified factor. However, the findings of the latest CPA Canada Business Monitor (Q3 2020) also revealed that not all businesses are feeling the pain. While the majority of professional accountants in leadership positions surveyed (58 per cent) reported decreased revenues for their organizations since the start of the pandemic, 20 per cent also reported unchanged revenues while 21 per cent reported increased revenues.
Optimism among the survey participants regarding the Canadian economy sits at 17 per cent which is dwarfed by those expressing a pessimistic