FleishmanHillard HighRoad for RSM Canada, fhr.rsm@FHhighroad.com, 416.508.8430
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TORONTO, October 19, 2021: RSM Canada ("RSM"), a leading global provider of audit, tax and consulting services focused on middle market businesses, today launched its fall issue of "The Real Economy, Canada"– a quarterly report that provides Canadian businesses with economic analysis and insights into factors driving growth, or economic headwinds, in Canada's middle market.
With the Delta variant continuing its spread across an already-fragile global supply chain, the fourth edition of this year’s ‘The Real Economy: Canada’ report examines what the global economy’s depleted supply of goods will mean for Canada’s long-term growth, and what Canadian businesses should look out for as they try to prepare for the critical holiday season ahead.
The report also shines a light on the challenges facing the new Liberal minority government post-election, the current outlook for Canada’s labour force, and why the globalized job market is spelling trouble for Canada’s business & professional services industry.
Supply chain disruptions have dimmed Canada’s economic prospects
Canadian businesses will face higher international shipping costs and depleted inventories for foreseeable future
Shortages in the labour force will pose challenges for recovery
Canada’s professional services industry is facing a significant talent drain
However, there’s potential for growth in Canada’s green industries
“The global supply chain is already in a very fragile place and further disruption is going to delay the return of full production within the Canadian economy until the middle of 2022” says Joe Brusuelas, chief economist with RSM US LLP. “This would create conditions for further price volatility, at least until hesitations over the delta variant eases and businesses should be prepared for prices to potentially increase further.
Brusuelas continues: “Businesses should prepare for disruptions as they prepare for the critical holiday season. Finding alternative domestic suppliers and adopting dynamic pricing strategies will present firms embedded in the real economy with the best approaches to contend with rising prices and the shifting composition of supply and demand.”
Alex Kotsopoulos partner, projects and economics with RSM Canada, added: “In addition to these supply chain challenges, the re-elected Liberal government will need to address declining participation rates and the ongoing labour shortage, which will likely remain a key issue for the economy in the short-to-medium term. The government will need to ensure that new spending programs address some of the main items that could move the needle on enhancing Canada’s productivity.”
For more information on RSM Canada’s ‘The Real Economy: Canada’, or to download the report, please visit their webpage.
About RSM Canada
RSM’s purpose is to deliver the power of being understood to our clients, colleagues and communities through world-class audit, tax and consulting services focused on middle market businesses. The clients we serve are the engine of global commerce and economic growth, and we are focused on developing leading professionals and services to meet their evolving needs in today’s ever-changing business environment.
RSM Canada LLP provides public accounting services and is the Canadian member firm of RSM International, a global network of independent audit, tax and consulting firms with 51,000 people across 123 countries. RSM Alberta LLP is a limited liability partnership and independent legal entity that provides public accounting services. RSM Canada Consulting LP provides consulting services and is an affiliate of RSM US LLP, a member firm of RSM International. For more information visit rsmcanada.com, like us on Facebook, follow us on Twitter and/or connect with us on LinkedIn.