A new survey released on the weekend reveals Canadian economic confidence is at its lowest point in over 20 years.
The IPSOS poll found that just 36% of Canadians would rate the current economic situation in Canada as "good", compared to 64% who say the economy is "bad". The proportion who says the economy is in good shape is up two points since last month, which was the lowest proportion recorded (34%) since tracking began in 1994.
By comparison, in March 2009 – the lowest point of the Great Recession -- 43% said the economy was in good shape. Levels below 50% are not at all typical in Canada, and prior to the Great Recession were only recorded by Ipsos in 1996 (37% was the low point), 1995 (36% was the low point) and 1994, when tracking began (41%).
Canadians, and particularly Albertans, are not convinced that the worst is behind them. While 63% believe that the economy in their local area will be about the same six months down the road as it is today, on balance 21% of people believe that it will be weaker rather than be stronger.
