Canada’s economic optimism crippled by pandemic, Pew poll suggests

Canada’s economic optimism crippled by pandemic, Pew poll suggests

The Pew report documents an unsurprisingly dismal outlook for the world’s economic prospects

Confidence in the Canadian economy took a dramatic dive over the summer in the midst of the COVID-19 pandemic — a whipsaw pivot seen around the world but sharper in Canada than any other country surveyed in a new global public opinion poll.

Sixty-one per cent of Canadians who took part in the Pew Research Center survey released Thursday described the country’s current economic situation as bad, more than twice the 27 per cent who said the same thing last year.

Of the 14 countries included in the poll, the 12 that were also asked the same question last year all reported double-digit reversals in sentiment, with Canada’s 34 percentage-point change leading the way.

“The sharpest uptick in negative assessments has come in Canada, where second-quarter losses in gross domestic product were estimated at 12 per cent,” the centre said in a release. ”Negative assessments have also grown by 30 percentage points in the UK, U.S. and Australia.”

The Canadian segment of the survey, conducted by phone with 1,037 adult respondents between June 15 and July 27, carries a margin of error of 3.7 percentage points, 19 times out of 20.

Of those surveyed in the U.S., 69 per cent said they believe the economy is doing poorly, compared with 30 per cent who disagreed — a finding roughly in line with the 14-country median results of 68 per cent and 31 per cent.

Only in Europe did a majority of respondents say their domestic economies were faring well, with Denmark and Sweden leading the way, at 74 per cent and 68 per cent, respectively.

The two Scandanavian nations are notable for their dramatically different pandemic strategies: Sweden initially adopted a libertarian, herd-immunity approach, while Denmark was the second country in Europe to impose a nationwide lockdown.

“But even (in Sweden), GDP is expected to contract by roughly 5 per cent in 2020, and Swedes are 11 percentage points more likely to think economic conditions in their country are poor than in 2019.”

The Pew report documents an unsurprisingly dismal outlook for the world’s economic prospects, with Canada and the U.S. as notable outliers.

Of Canadian respondents, 48 per cent said they expect the economy to improve over the next 12 months, compared with 34 per cent who expect the opposite and 17 per cent predicting no change. In the U.S., the optimism is even stronger: 52 per cent said they see a brighter future ahead, compared with 32 per cent who do not.

Only Spain, Germany and Australia reported similar levels of optimism.

Almost across the board, those who disapproved of how their country has handled the outbreak were more likely to describe the economy as poor. In Canada, 85 per cent of those disappointed in the government’s handling of COVID-19 had a negative view of the economy, compared with 58 per cent of those who gave the feds a passing grade on the pandemic.

In the U.S., 87 per cent of those disappointed in the Trump administration’s handling of the outbreak described the economy as bad, compared with 50 per cent of those who said the government has done a good job.

James McCarten, The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

economy

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Nanaimo RCMP are looking for Peter Ludvigson who is wanted on a Canada-wide warrant. (Photo submitted)
Nanaimo man wanted, police say he violated terms of his release

Warrant out for 45-year-old Peter Ludvigson

Nanaimo’s Fiddelium fiddle ensemble, seen here at a fiddle workshop with visiting instructors Gordon Stobbe and J.J. Guy this summer, is recording its first album. (Photo courtesy Trish Horrocks)
Nanaimo youth fiddle ensemble Fiddelium recording first album

Fiddlers recording their parts one at a time in observance of COVID-19 safety

Jesse Savidant, 31, is wanted by the RCMP after failing to appear in provincial court in Nanaimo in December. Police warn Savidant should be considered violent. (Photo Submitted)
Warrant out for man with alleged stolen property offences across Vancouver Island

Jesse Savidant did not appear for court date in Nanaimo last month, say RCMP

Emergency crews were called to a three-vehicle crash Monday morning on the old Island Highway close to Rock City Road. (Greg Sakaki/News Bulletin)
Car, pickup and semi truck crash along the highway in Nanaimo

Incident happened in front of Rock City Plaza on Monday morning

People skate on a lake in a city park in Montreal, Sunday, January 10, 2021. THE CANADIAN PRESS/Graham Hughes
The end of hugs: How COVID-19 has changed daily life a year after Canada’s 1st case

Today marks the one year anniversary of COVID-19 landing in Canada

Emergency crews were called to a three-vehicle crash Monday morning on the old Island Highway close to Rock City Road. (Greg Sakaki/News Bulletin)
Car, pickup and semi truck crash along the highway in Nanaimo

Incident happened in front of Rock City Plaza on Monday morning

Residents of the Cowichan Valley decorated more than 55 vehicles with anti-racist slogans for a car rally in support of Cowichan Tribes on Saturday, January 24. (Kevin Rothbauer/Citizen)
Dozens join anti-racism car rally and virtual panel in Cowichan Valley

Provincial ministry and BC Green caucus issue joint statement detailing concerns

Rolling seven-day average of cases by B.C. health authority to Jan. 21. Fraser Health in purple, Vancouver Coastal red, Interior Health orange, Northern Health green and Vancouver Island blue. (B.C. Centre for Disease Control)
2nd COVID vaccine doses on hold as B.C. delivery delayed again

New COVID-19 cases slowing in Fraser Health region

The Pacific Rim National Park Reserve is urging visitors to stay on designated trails after a hiker became injured in an unsanctioned area last week. (Westerly file photo)
Injured hiker rescued in Pacific Rim National Park Reserve

“Safety is everyone’s responsibility.”

Provincial health officer Dr. Bonnie Henry talk about the next steps in B.C.’s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. Two more cases of the COVID-19 strain first identified in South Africa have been diagnosed in British Columbia, bringing the total to three as of Jan. 16.THE CANADIAN PRESS/Chad Hipolito
B.C. now has three cases of South African COVID-19 variant, six of U.K. strain

Both variants are thought to spread faster than earlier strains

Rodney and Ekaterina Baker in an undated photo from social media. The couple has been ticketed and charged under the Yukon’s <em>Civil Emergency Measures Act</em> for breaking isolation requirements in order to sneak into a vaccine clinic and receive Moderna vaccine doses in Beaver Creek. (Facebook/Submitted)
Great Canadian Gaming CEO resigns after being accused of sneaking into Yukon for vaccine

Rod Baker and Ekaterina Baker were charged with two CEMA violations each

Police discovered a makeshift nightclub in a Vancouver apartment on Jan. 23, 2021, and say it wasn’t the first time this month officers have been called to the unit over social gathering concerns. (Phil McLachlan - Capital News)
Doorman of makeshift ‘booze-can’ in Vancouver apartment fined; police look to court order

This marks the fourth complaint about social gatherings inside the apartment in January

Local musician and artist Daisy Melville created a watercolour portrait of U.S. Senator Bernie Sanders from the recent American inauguration, and with help from her mom, is now selling t-shirts and more with funds going to the Comox Valley Food Bank. Image submitted
Island artist turns Sanders inauguration meme into art for good

All proceeds from the sale of shirts, sweaters and more will go to the Comox Valley Food Bank

A Kelowna couple welcomed their Nooner baby in December. (Flytographer)
Kelowna couple welcomes baby girl from Hotel Zed Nooner campaign

Nicole and Alex will now have 18 years of free stays at the hotel

Most Read