Even if Quebec is officially not in recession, Quebecers feel that the economy is slowing down. 72% are worried about the economic situation and two in five Quebecers (37%) fear losing their job or fear that this will happen to someone close to them.
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This is what the most recent survey from the Canadian Federation of Independent Business (CFIB) reveals, which highlights the gloomy perception of the Quebec population regarding the economy.
Carried out among 1,001 Quebecers in the midst of a period of persistent inflation and high interest rates, this survey casts a cold shower on the next projections which promised to be more optimistic.
Job losses have been numerous in several sectors in recent months. That of construction was affected by the marked drop in construction starts.
Several workers have temporarily lost their jobs while waiting for a return to normal. This is the case of a carpenter that we met in front of a big box store on the North Shore of Montreal.
“It’s not easy with the slowdown in construction starts,” said the man who has been unemployed for a few weeks, but who did not want to be identified.
“Right now the economy is not doing well while interest rates are high. People are having difficulty making ends meet.”
If the situation in the residential sector does not improve in the coming weeks, he would not hesitate to look at other options in the construction sector.
“I would look at the industrial side, but the government would have to decide to open construction sites for infrastructure,” he added.
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To tighten one’s belt
Even when a person has a good job, they are not immune to life’s curveball. This is the case of Annick Auger, a resident of Blainville, who works in the engineering field.
“It’s the economy in general that is not doing well,” she analyzes. Even though I separated, I was able to keep the house because I have a good job and an excellent mortgage rate (1.7%).
“Unless I see the renewal coming in January 2025, will I be forced to take $300 or $400 more out of my pockets?
“I think of young people coming out of college who have to pay $500 or $600,000 for a house with a high interest rate. The down payment is hard to raise when you often have student debt to pay.”
Even though she makes a good salary, she hunts for deals like everyone else. Whether it’s for a box of cereal or another product, she doesn’t hesitate to make a detour to save money.
“I can’t do anything crazy. I’m just coming. It really shouldn’t be obvious to those who make a lower salary.”
A probe
On the CFIB side, we wanted to have the pulse of the population who does not seem to see the light at the end of the tunnel.
François Vincent, vice-president of the CFIB in Quebec
Photo provided by CFIB
“It’s a survey to find out where Quebecers are,” says François Vincent, Quebec vice-president of the CFIB. I would have thought that we would have a lower percentage regarding the concerns of Quebecers.
“In recent months, with prices continuing to rise and several SMEs closing their doors, the situation was conducive to this result.”
The CFIB survey in a few figures
- 72% are worried about the economic situation in Quebec.
- 72% are against the use of public funds to provide large subsidies to large companies.
- 79% agree that the Quebec government should place SMEs at the center of its economic policy.
- 62% are of the opinion that an economic recovery requires more SMEs than large companies.
- 37% fear losing their job or fear that people around them will lose their jobs.