Two-in-Five Canadians Expect National Economy to Decline

Positive perceptions of Justin Trudeau as an economic manager have fallen to 41% across the country. 

Vancouver, BC [August 28, 2022] – A majority of Canadians perceive the nation’s finances in a negative light, and there is a significant increase in the proportion of the country’s residents who foresee a worsening situation, a new Research Co. poll has found.

In the online survey of a representative national sample, 57% of Canadians consider the economic conditions in Canada right now as “bad” or “very bad”, up three points since a similar Research Co. poll conducted in January 2022.

Only two-in-five Canadians (40%, -1) describe the country’s economic conditions as “very good” or “good” today.

Positive views on the national economy reach 55% in Quebec (+7). The rating is significantly lower across all other regions of Canada, including British Columbia (37%, -3), Atlantic Canada (36%, -7) Ontario (34%, -9), Alberta (32%, -1) and Saskatchewan and Manitoba (30%, +4).

Just 13% of Canadians (-7) believe the Canadian economy will improve over the next six months, while 40% (+10) predict a decline and 40% (-1) foresee conditions staying as they are.

While 57% of Canadians (-1) define their own personal finances today as “very good” or “good”, just over two-in-five (41%, +3) describe them as “bad” or “very bad.”

Only 41% of Canadians (-6) express confidence in Prime Minister Justin Trudeau to do the right thing to help the economy, while a majority (52%, +4) distrust him.

“Two thirds of Albertans (68%) have misgivings about Trudeau as an economic manager,” says Mario Canseco, President of Research Co. “The negative rating is lower in British Columbia (55%), Saskatchewan and Manitoba (53%), Atlantic Canada (51%), Ontario (48%) and Quebec (46%).”

More than a third of Canadians (37%, =) trust Governor of the Bank of Canada Tiff Macklem to make the right decisions to help the nation’s finances. The rating is lower (26%) for federal Leader of the Opposition Candice Bergen.

There are some significant changes in the perceptions of Canadians on inflation. More than four-in-five (81%, -2) continue to expect higher prices for a week’s worth of groceries over the next six months, and majorities also foresee paying more for a new car (68%, -3) and a new television set (57%, -5).

The needle moved on two items, with 61% of Canadians (-21) expecting to pay more for gasoline in the next six months and only 44% (-28) thinking real estate will be more expensive.

Half of Canadians have worried “frequently” or “occasionally” about the safety of their savings (50%, +6) and the value of their investments (50%, +9) over the past couple of months.

Fewer Canadians are preoccupied about unemployment affecting their household (34%, +3), being able to pay their mortgage or rent (34%, +3) or their employer running into serious financial trouble (24%, -2).

Methodology: Results are based on an online study conducted from July 11 to July 13, 2022, among 1,000 adults in Canada. The data has been statistically weighted according to Canadian census figures for age, gender and region. The margin of error – which measures sample variability – is +/- 3.1 percentage points, 19 times out of 20.

Find our data tables here and download the press release here. 

For more information on this poll, please contact:

Mario Canseco, President, Research Co.

778.929.0490 [e]