Business confidence in Ontario is at a historic low according to a survey taken during the pandemic by the Ontario Chamber of Commerce.
Thunder Bay Chamber of Commerce President Charla Robinson says the results of the Ontario Economic Report are also reflected in this region.
“Oh definitely, business confidence in the northwest and in Thunder Bay is lower than in previous years for sure,” notes Robinson.
Across Ontario, according to the report, only 21 percent of businesses are confident in Ontario’s economic outlook, a new low.
“The current health and economic crises have had a considerable negative impact on our economy…reflecting the stark reality in which businesses continue to grapple with the financial and logistical challenges of operating under a pandemic,” says Rocco Rossi, President, and CEO of the Ontario Chamber of Commerce.
As for our region, Robinson points out “Only 14 percent of the businesses in Northwestern Ontario that responded said that they felt confident in their futures.”
The report indicates a disproportionate impact of COVID-19 on small businesses, specific regions, and demographics.
