MBiz

8 SUMMER 2023 To say the last couple of years have not been easy for business would be an understatement. I nflation has increased sharply across the world over the past year. Global supply challenges, elevated commodity prices and the invasion of Ukraine all contributed to inflation in Canada. Global and domestic pressures combined to push inflation to 40-year highs. When prices go up, money can't buy as much as it used to. This loss of pur- chasing power hurts everyone's stan- dard of living. When inflation is high, consumers, businesses and investors are uncertain about what their costs will be from one day to the next. High inflation is often unstable and unpre- dictable, and that keeps the economy from performing at its best. Manitobans have felt the impact of high inflation this past year, including having to pay higher prices for grocer- ies, fuel and housing. Inflation is espe- cially challenging for people on fixed incomes — and it's bad for business. In a post-pandemic era, inflationary pressures have combined with unprec- edented labour shortages, and this pairing of volatile factors has made for an economically challenging time for thousands of Manitoba businesses. It has therefore never been more important than in today's globally competitive business environment that government creates a climate that attracts new businesses, that is conducive to new investment, and that enables existing businesses to grow and to thrive. Earlier this year, the Manitoba Chambers of Commerce retained Leger to conduct the fifth annual Manitoba Business Outlook Survey of its members and partners. The primary purpose of this research is to provide the Chamber with statistically reliable feedback from Manitoba businesses about their goals, performance and challenges. This year, only 50 per cent of busi- ness leaders in Manitoba believe that Manitoba's business climate is com- petitive with other provinces (down from 61 per cent in 2021). BOLD PERSONAL INCOME TAX MEASURES Major Win for Manitoba Chamber Network BY ELISABETH SAFTIUK VICE-PRESIDENT OF POLICY AND GOVERNMENT RELATIONS MANITOBA CHAMBERS OF COMMERCE Competitiveness of Manitoba Business Climate Q17: Do you agree or disagree with the following statement: Manitoba's business climate is competitive with other provinces? Base: All respondents (n=387) ■ Strongly agree ■ Somewhat agree ■ Somewhat disagree ■ Strongly disagree ■ Don't know Total AGREE: 50% Total DISAGREE: 42% 7% 14% 36% 29% 13% INCOME TAX 2022 MANITOBA BUSINESS OUTLOOK SURVEY: IN THE 2021 MANITOBA BUSINESS OUTLOOK SURVEY: • Strongly Agree – 16% • Somewhat Agree – 45% • Somewhat Disagree – 20% • Don't Know – 9%

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