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June 15, 2020

Varcoe: CEOs expect a ‘slow uphill climb’ for Alberta’s economy

Business leaders are usually an optimistic bunch, but about a quarter of Alberta corporate CEOs aren’t fully confident their organizations will survive the global pandemic until a vaccine is made available or the population reaches herd immunity, according to a new survey.

As the province has moved into the second stage of its economic relaunch, a survey of chief executives for the Business Council of Alberta is shining a spotlight on the economic concerns surrounding the COVID-19 crisis.

The survey finds six in 10 CEOs anticipate demand in their markets will be slow to recover, while almost one in five expect they won’t refill lost positions.

The responses highlight the weak levels of confidence going forward, “indicating a longer-term recession and a long time before business gets backs to pre-crisis capacity and employment,” according to the report.

“About a quarter of businesses have at least some concern they may not survive. That’s a troubling finding,” said Mike Holden, the council’s chief economist.

“It’s evidence that it is a slow uphill climb to get back to where we were.”

Image: Calgary Herald

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