Carbon taxes, falling competitiveness, and NAFTA fears contribute to confidence collapse.
The confidence of business leaders in Canada has fallen to the lowest level since the 2008 global economic crisis.
According to the Conference Board of Canada, “only 34 per cent of business leaders believe now is a good time to invest.”
The key causes of the business confidence collapse are concerns over the carbon tax, Canada’s falling competitiveness relative to the United States, and the ongoing lack of a NAFTA deal.
As you read this, you’re probably thinking how disturbing it is that confidence has fallen to a low that wasn’t reached since the entire global economy was at the risk of total collapse.
And it is incredibly disturbing.
Right now, the global economy is not in recession, and growth in our neighbour to the south and top trading partner is surging. That should mean that businesses would be confident.
Yet, because of the Trudeau governments anti-business agenda of tax hikes, increased regulations, and pandering to the radical left, business leaders are understandably wondering why they would want to invest in such a poisoned business environment.