Tight Credit, Slow Sales, Weak Job Market Top Concerns Of Canadian Businessmen For 2009

Ottawa, Ontario (AHN) - Two surveys made by the Bank of Canada among top local business leaders showed majority of them have a pessimistic outlook for 2009.

The respondents cited tight credit conditions, slow sales and higher unemployment rates as the weak points that will hamper the growth of the Canadian economy.

The survey results are not considered surprising because of the global economic turmoil. But the widespread bleak outlook has been noticed by the country's central bank, which reported, "Business sentiment has deteriorated markedly since the autumn survey, as the effects of the international financial crisis and the weak global economy intensified and spread to domestic demand... Almost all indicators are at their lowest level since the survey began in 1997."

According to the survey, 57 percent of business leaders said they expected sales volume to slow down in 2009, while almost two-thirds anticipate a tighter borrowing climate.