Canadian CEO confidence wanes, finds PwC report

Canadian chief executive officer confidence has broken from more optimistic sentiment globally, according to PwC’s 29th annual Global CEO Survey. The report included survey data from 133 Canadian CEOs.

Only 47% of Canadian CEOs expect global economic growth to improve in the next 12 months compared to 61% of CEOs globally (up from 58% of CEOs globally last year). Additionally, only 27% of Canadian CEOs expect Canada’s economy to improve in the next 12 months (down significantly from 42% last year).

“For the first time in over five years, Canadian CEO sentiment is moving in the opposite direction of global optimism. The headwinds in Canada – trade uncertainty, tariff pressures, and slower adoption of transformative technologies like AI – are significant and very real,” said Nicolas Marcoux, CEO of PwC in Canada.

The Trump administration’s trade war with Canada has apparently shaken Canadian business leaders’ confidence. Canadian CEOs cited heightened concerns about US trade policy and tariffs, with 53% worried about their impact and 33% expecting reduced profit margins in the next year.

Canadian companies are also facing slower AI adoption. Although 94% of Canadian CEOs say they use AI to some extent, only 29% have applied it at scale compared to 43% globally.

The report found that more than half of Canadian companies have entered new sectors in the past five years, and nearly two-thirds plan to expand further – particularly in industrial, energy, and technology.

In terms of M&A, nearly two-thirds (63%) expect to complete at least one acquisition in the next three years, signaling confidence in strategic growth opportunities.