Canadian Manufacturing

Accountants downplay Canadian recession worries: report

Prospects for the U.S. not so optimistic



OTTAWA—The number of top-rank chartered accountants who believe Canada will fall into another recession this year has dropped sharply, a new report suggests.

The quarterly report by the Canadian Institute of Chartered Accountants and the Royal Bank finds only 14 per cent of the financial executives believe a recession is on the horizon, compared to 27 per cent three months ago.

The November survey of 311 senior chartered accountants shows confidence rising across the board.

Two-thirds expect revenues at their firms to rise in the next 12 months and four-in-ten believe their firms will hire additional workers.

The CAs were less rosy about prospects for the U.S.

Forty-four per cent say they still think an economic downturn will occur in the U.S., down from 62 per cent three months ago, but still a large number.

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