It's no surprise that the top challenge for businesses going into 2023 will be inflation. BoardofTrade | Canada economy business
For most businesses, 2022 has been a tumultuous time. And as the year winds down, the Greater Vancouver Board of Trade and the Canadian Chamber of Commerce’s
Rising inflation was cited as an obstacle by 55% of respondents — the highest amount out of any of the issues identified. Then, 44% of respondents identified the rising cost of inputs, 43% identified interest rates and debt costs, 36% identified rising costs associated with real estate, such as leasing and property taxes, and 36% identified recruiting skilled labour.
Furthermore, 37% of businesses said they are “very likely” to pass on cost increases to consumers, while 28% said they were “somewhat likely.” “The labour challenges and borrowing costs of the past year are beginning to manifest in a liquidity crunch that will put many of the businesses still carrying significant debt from the pandemic at risk,” said President and CEO of the Greater Vancouver Board of Trade Bridgitte Anderson. “We need governments laser focused on reducing barriers associated with doing business in our region and creating efficient permitting processes, not increasing costs and fees.
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