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Economic Viewpoint

Small Businesses: Heavyweights in Quebec’s Economy

January 16, 2023
Florence Jean-Jacobs, Principal Economist • Joëlle Noreau, Principal Economist

Small businesses abound in all parts of Quebec. Not only do they make up a large share of the province’s GDP and exports, but they also account for many of its employers. If the ongoing worker shortage is holding them back, that’s not the only challenge ahead of them. In 2023, small businesses will continue to contend with inflation, elevated interest rates, high energy prices, and limited borrowing capacity. Labour scarcity will continue to be an issue for them over the long term, as will boosting their competitiveness and managing the green transition and supply chain logistics. Quebec’s small businesses will have to be proactive, creative, bold and forward-thinking. In this note, we’ll briefly discuss the challenges they face in the short, medium and longer term.

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