National economy turning the corner for half of Canadians

For the first time this year, a plurality of Canadians are satisfied with the economic conditions of the country, and more than a third expect the situation to improve over the next three months, according to the Economic Panorama survey conducted by Angus Reid Strategies.

In the online survey of a representative sample of 1,001 Canadians, almost half of respondents (49%) rate the economic conditions in the country today as “good” or “very good”, while a slightly lower proportion (47%) believes they are “bad” or “very bad.”

Since late June 09, positive views on the economy have increased by 12 points, while negative assessments have declined by 11 points.

Canadians are now four times more likely to believe that the stock market will be higher a month from now (26%) than to think it will be lower (6%).

Also, more than a third of respondents (36%) expect the Canadian economy to improve in the next three months, while less than one-in-ten (8%) foresee a decline.

A majority of Canadians (56%) rate their own personal finances as “good” or “very good” (56%), but two-in-five (40%) deem them “bad” or “very bad.”

The Recession

Since the summer, Canadians have become less dramatic when assessing the current recession. While half of respondents (53%) describe the current slowdown as the worst recession in twenty years, the proportion has declined by 10 points in three months. In fact, 30 per cent of respondents—up eight points since July—now rate the current state of affairs as a “minor recession.”

However, the proportion of respondents who believe Canada will get out of recession in 2011 increased this month to 52 per cent, up 10 points since July.

The Government

Almost half of Canadians (49%) believe the actions of governments across Canada will help the economy recover slowly, while 18 per cent—down six points since July—think their actions will make no difference to the economy.

Three-in-four Canadians think the current situation is mostly a consequence of the global financial crisis, while 11 per cent believe the policies of the current federal government are at fault. All across the country, the perceptions on this question go through little variation.

Other Countries

Despite the fact that Canadians are almost evenly divided in their assessment of their own economy, they are certain that the country is doing better than the United States. Three-in-four respondents (76%) think Canada’s economy is in better shape than that of the U.S. Canadians are also more likely to think that the domestic economy is doing better than those of France and Britain at this point.