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15/04/2010 -
If the latest report from Bank of Canada is any indication, the economy is steadily progressing toward recovery.The Spring 2010 Business Outlook Survey found that 64 percent of businesses surveyed believe their sales will pick up in the next 12 months, "supported by the general economic recovery," an improving near-term U.S. economic outlook, and, in a growing number of cases, their own initiatives to reposition themselves for growth.
That 64 percent compares to 16 percent of businesses that believe sales will stay the same, and 20 percent that expect sales to decline.
The Bank of Canada report had particularly good news for the business equipment and machinery sector, as 43 percent of companies plan to make investments in these areas.
When it comes to accessing credit, 86 percent of businesses believe that credit conditions have stayed steady or improved, which could bring higher credit card processing figures for business-to-business merchants.
Furthermore, the fact that 50 percent of companies plan to increase their employment levels in the next 12 months will bring more spending power to the nation's currently unemployed consumers, thereby boosting payment processing figures for consumer-facing companies as well.
Analysts believe the Bank of Canada report is a positive indication that the economy is improving. For example, Sheryl King - head of Canadian economics and strategy at Merrill Lynch Canada - told BusinessWeek that "the numbers are telling you the recovery is on track."
