According to a PwC Canada survey of 133 executives, just 47% of Canadian CEOs expect global economic growth to improve, a substantial contrast to their global counterparts (61%).

PwC’s 29th Annual CEO Survey also reveals that confidence in Canada’s own economy has dropped to 27% (down from 42% last year).

Short-term revenue confidence 12 months out is also down to 36%, with Canadian CEOs citing heightened concerns about U.S. trade policy and tariffs. Fifty-three per cent said they’re worried about the effect of Donald Trump’s tariffs and 35% said they expect reduced profit margins in the next year.

“This year’s survey results mark a watershed moment for Canadian business leaders,” said Nicolas Marcoux, CEO of PwC Canada. “For the first time in over five years, Canadian CEO sentiment is moving in the opposite direction of global optimism.”

In a news release, Marcoux says headwinds such as trade uncertainty, tariff pressures and slower adoption of transformative technologies like AI, are “significant and very real” in Canada.

To navigate persistent economic uncertainty, PwC says, Canadian CEOs must make bold, decisive moves by activating key levers of change to drive growth and resilience, such as accelerating AI adoption, sector expansion and strategic mergers and acquisitions.

However, while 94% Canadian CEOs report using AI to some extent, only 29% have applied it at scale compared with 43% globally. Those who move beyond pilots and embed AI enterprise-wide will pull ahead, the professional services firm says.