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Economics

Half of Small Firms in US and Canada Expect Recession This Year

  • Most survey respondents worried about inflation, rates
  • Digital-payments firm Veem commissioned survey of owners
Small businesses  in Rockton, Illinois.

Small businesses  in Rockton, Illinois.

Photographer: Scott Olson/Getty Images

Roughly half of US and Canadian small businesses expect a recession this year as concerns about inflation, rising interest rates and global conflicts bear down on firms, according to a survey.

Forty-nine percent of small businesses foresee a recession before the end of 2022, according to the survey, commissioned by digital-payments company Veem, of 468 business owners in the US and Canada in late May and early June. About 21% don’t predict a downturn this year, and another 30% weren’t sure. The poll had a margin of error of plus or minus 4 percentage points.