TORONTO – Canadian CEOs have become less confident in the global economy with less than half expecting it to improve this year, even as their international peers are more optimistic, a new report suggests.
PwC Canada’s latest annual survey of global CEOs said 61 per cent of them expect improved economic growth in the next 12 months, up from 58 per cent last year. However, just 47 per cent of the 133 Canadian chief executives surveyed agreed.
Canadian CEOs’ confidence in the domestic economy has also taken a tumble, with only 27 per cent expecting improvements compared with 42 per cent a year ago.
PwC Canada chief executive Nicolas Marcoux called it a “watershed moment” for Canadian business leaders, with this marking the first time in more than five years that Canadian CEO sentiment appears to be moving in the opposite direction of global optimism.
The report said Canadian CEOs are more concerned than their peers about U.S. trade policy and tariffs, with 53 per cent worried about those factors, and 35 per cent expecting reduced profit margins in the next year.
They also cite slower AI adoption within Canada. Despite 94 per cent of Canadian business leaders using AI to some extent, only 29 per cent report having applied such technology at scale across their companies, compared with 43 per cent globally.
Only 37 per cent of Canadian organizations have a defined AI road map, compared with 51 per cent globally.
“The headwinds in Canada — trade uncertainty, tariff pressures, and slower adoption of transformative technologies like AI — are significant and very real,” Marcoux said in a news release.
“But they’re also a catalyst. We’re seeing Canadian companies rise to the challenge by reinventing themselves: entering new sectors, accelerating innovation, and embracing AI to build resilience and unlock growth. The message is clear — those who act boldly now will define Canada’s competitive future.”
The report noted 56 per cent of Canadian CEOs said their company has begun competing in new sectors in the past five years, versus 42 per cent of global CEOs.
Nearly two-thirds of the Canadian respondents said they expect their company will grow in at least one new sector over the next three years.
This report by The Canadian Press was first published Jan. 22, 2026.
