Fewer than half of Canadian chief executive officers expect Canada’s economy to grow more this year than it did in 2024. A slim majority said the same about the global economy, in PwC’s 2025 Global CEO Survey.
The percentage forecasting an increase in domestic economic growth rose to 42% this year from 25% last year. More than half (55%) forecast improved global growth this year compared to 2024, up from just 31% who were optimistic about global growth last year.
“Despite the uncertainty around potential economic measures that could come into effect with the new U.S. administration, Canadian CEOs remain remarkably resilient and are preparing to take on the challenges ahead,” Nicolas Marcoux, CEO of PwC Canada said in a media release.
Statistics Canada reported that real gross domestic product (GDP) growth rose 0.3% in last year’s third quarter, following 0.5% increases in each of the first and second quarters.
On a per capita basis, GDP slid 0.4% in Q3. It was the sixth consecutive quarter to see a lower result than the preceding three-month period.
Forecasts for 2024 Canadian GDP growth are at the low end of the 1–2% range. The Bank of Canada predicted 1.2% GDP growth for the year in its July Monetary Policy Report.
Underwhelming AI
The survey also found that 79% of CEOs in Canada have a plan to utilize artificial intelligence (AI) in the year ahead — 87% of CEOs globally say the same thing. Among those who have implemented one or more AI applications, 45% said it’s delivered an efficiency boost.
“While Canadian CEOs recognize the potential of AI, they have yet to see the impact of it on the bottom line,” Marcoux said in the release.
More than one-third (35%) said their business may not be viable in a decade. Three in five (60%) reported that they’ve taken a minimum of one “significant action” to shake up how they deliver value.
The survey collected feedback from 4,701 CEOs globally, 167 of them Canadian, between Oct. 1 and Nov. 8.