Despite eroding confidence in global economies hampered by trade disputes and slow growth, many of Canada’s small and medium-sized business owners plan to continue investing in their companies over the next 12 months, according to the latest survey from the Business Development Bank of Canada.
Entrepreneurs entered 2020 feeling more pessimistic than they were a year earlier, according to the survey conducted last fall. But this hasn’t dulled a belief among entrepreneurs in the manufacturing and services sectors that their sales will grow this year, and they expect to hire more workers to meet “sustained” demand for their products and services.
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“There’s reason to be optimistic,” said Pierre Cléroux, BDC’s vice president of research and chief economist, noting that he believes the new free trade agreement between Canada, the United States, and Mexico will reinstate “favorable conditions” for Canadian goods and services.