Business Council of Canada Survey: CEOs expect the Canadian economy to weaken over the next six months

Ottawa, ON – May 23^rd, 2025 – Canadian business leaders are concerned about global instability and trade uncertainty, according to a survey of Business Council of Canada (BCC) members.

The survey, conducted on May 6^th, reveals a notable decline in short-term economic optimism. A majority of respondents say they expect the Canadian economy will weaken over the next six months, reflecting global uncertainty, slower growth expectations, and cautious investment strategies.

The BCC surveys its members three times per year to capture real-time insights into the perspectives of Canada’s leading employers.

The latest results also highlight mounting concern over uncertainty surrounding the Canada-United States-Mexico Agreement, with many CEOs citing it as the most influential factor affecting current and future investment decisions.

Moreover, geopolitical risk, which includes tariffs and trade tensions, is now seen as the greatest perceived risk to Canadian businesses, surpassing regulatory risk, which is still a major concern for respondents. The shift signals a growing unease among Canada’s largest employers about the country’s exposure to global disruption and rising protectionism.

“Canada’s business leaders are signaling a clear warning: global geopolitical instability is not just a diplomatic issue—it’s an economic one,” said Goldy Hyder, President and CEO of the Business Council of Canada. “Trade uncertainty, rising protectionism, and geopolitical flashpoints are making it harder for companies to plan, invest, and grow. Now more than ever, we need a focused and coordinated national strategy to strengthen Canada’s competitiveness and resilience.”

Key Findings:

• 64% expect the Canadian economy to weaken over the next six months
• 40% of CEOs now identify geopolitical risk as the top threat to their business
• While 41% see regulatory burdens as the leading factor affecting investment planning, 38% now cite uncertainty surrounding NAFTA/USMCA.

The BCC’s survey includes responses from CEOs and senior executives representing a broad cross-section of Canada’s economy, including finance, manufacturing, transportation, energy, technology, and more.

For further information or to request interviews with Goldy Hyder or BCC members, please contact:

Michèle-Jamali Paquette
Director, Media and External Relations | Directrice, médias et relations externes
Business Council of Canada | Conseil canadien des affaires