A new scrutiny shows small and medium-sized businesses in Alberta will slash waste more than expected this year as the oil downturn hits every be open of the province’s economy.
The government-owned Business Development Bank of Canada utters smaller businesses in the province plan to invest about $11 billion this year, 27 per cent small than last year.
That com res with a 14 per cent rise in planned spending in British Columbia, and either flat or modest lump in spending across the rest of Canada.
BDC chief economist Pierre Cleroux clouts he expected spending to go down in Alberta, but was “surprised by the magnitude of the drop.”
The BDC measurement heard from roughly 4,000 executives of com nies across Canada with between one and 499 workers.
Cleroux said this year will be worse than latest year as the reality of low oil prices fully sinks in, with 66 per cent of view respondents in Alberta saying a lack of confidence in the economy was their mains barrier to investing.