21 Oct 2014
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

A new International Business Report on the growth landscape in Quebec released by Grant Thornton

MONTRÉAL, October 21, 2014 – New research shows that rising optimism in Quebec is feeding into brighter business growth prospects but that bureaucracy is constraining those very same growth plans. The results from Grant Thornton’s International Business Report (IBR), a survey of 2,500 senior executives in 34 economies, reveals that despite roadblocks businesses in Quebec are focused on incentivizing productivity improvement and enhancing sales force effectiveness in a bid to boost growth over the next 12 months.

When presenting at The Montreal Council on Foreign Relations Business Series earlier today, Ed Nusbaum, global CEO of Grant Thornton, said: “The global economy is delicately poised. Growth is slowing sharply in Europe and many large emerging markets such as Brazil and China; the spectre of deflation is apparent in the Eurozone and Japan; while conflict and falling commodity prices is dampening oil-producing countries’ growth prospects. I would echo the words of the IMF and call on governments to not resort to protectionism and instead enact reforms that free up dynamic businesses around the world to generate the jobs and growth they are capable of.”

According to the IBR, though Quebec’s economy compares favourably to most western economies, it has grown more slowly since the global financial crisis, when compared to the Canadian average. This slower growth is expected to persist over the short- to medium-term.  Quebec’s economy posted an expansion of 1.5% in 2012 and 1.1% in 2013, compared to 1.7% and 2.0% for Canada as a whole respectively. This is due in part to the greater fiscal restraint required in Quebec and weaker demographics affecting population growth.

“Senior executives in Quebec are more optimistic about future business growth prospects than the Canada average and yet they anticipate lower profits and growth prospects,” stated Emilio B. Imbriglio, President and Chief Executive Officer of Raymond Chabot Grant Thornton. “We have a responsibility to address the roadblocks they face, because we cannot afford to squander this optimism nor business executives’ commitment to increasing productivity,” added Mr. Imbriglio.

The IBR survey found that regulations are the major constraint facing businesses in Quebec; 38% of businesses cite them as a hindrance to their efforts to expand operations, compared to 28% across both Canada and North America. The recent creation of the function of the minister for Small and Medium Enterprises, Regulatory Streamlining and Regional Economic Development is widely considered a move in the right direction. The Minister’s plans for regulatory streamlining in response to the survey’s results are anxiously awaited. Furthermore, the quality of local transport infrastructure also emerges as a challenge, cited as a growth constraint by 22% of the province’s businesses compared with just 10% countrywide.

Despite these challenges, the optimism of businesses in Quebec towards the economic outlook rose sharply in Q3, climbing to net 70%, up from 42% in Q2, suggesting growth is set to pick up pace over the coming months. Optimism amongst Canadian businesses as a whole has remained fairly stable over recent quarters but is lower than in Quebec; in Q3, a net 57% of Canadian business leaders as a whole indicated optimism for the outlook.

To stimulate growth, close to three in five businesses are looking at productivity improvements (58%) compared with 37% across Canada and 32% across North America, while 52% are looking at boosting the effectiveness of their sales force, above the Canada (50%) and North America (43%) averages.  In terms of M&A activity, two in five Quebec businesses (43%) plan to grow through acquisition over the next three years, compared to 40% in Canada and 47% across North America. This compares with 31% globally. The vast majority of Quebec companies (87%) are looking at domestic opportunities.

The full report Quebec: the business growth landscape can be consulted here: www.rcgt.com/en/IBR-QC-2014.

Notes to editors
The Grant Thornton International Business Report (IBR) is the world’s leading mid-market business survey, interviewing approximately 3,300 senior executives every quarter in listed and privately-held businesses all over the world. Launched in 1992 in nine European countries, the report now surveys more than 12,500 businesses leaders in 45 economies on an annual basis, providing insights on the economic and commercial issues affecting companies globally. For more information, please visit: www.internationalbusinessreport.com.

Sample
The data in this report are drawn from interviews with chief executive officers, managing directors, chairmen and other senior decision-makers from all industry sectors in businesses with C$15M-C$500M. Q3 data is drawn from 2,500 interviews globally (50 in Quebec; 100 in Canada; 400 in North America) conducted in September 2014.

Data collection
Data collection is managed by Grant Thornton’s core research partner – Experian. Questionnaires are translated into local languages with each participating country having the option to add a small number of country-specific questions to the core questionnaire. Fieldwork is undertaken on a quarterly basis. The research is carried out primarily by telephone.

About Grant Thornton
Grant Thornton is one of the world’s leading organizations of independent assurance, tax and advisory firms. These firms help dynamic organizations unlock their potential for growth by providing meaningful, forward-looking advice. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to understand complex issues for privately owned, publicly listed and public sector clients and help them find solutions. More than 38,000 Grant Thornton people, across over 130 countries, are focused on making a difference with clients, colleagues and the communities in which they live and work.

About Raymond Chabot Grant Thornton
This week, Raymond Chabot Grant Thornton is proud to host the Grant Thornton International conference in Montréal. Some 800 delegates from over 130 countries will be attending. Founded in 1948, today Raymond Chabot Grant Thornton is a leader in the fields of assurance, tax, consulting services, business recovery and reorganization. Its strength is based on a team of more than 2,400 people including some 230 partners in more than 100 offices in Quebec, eastern Ontario and New Brunswick. Over 30 years ago, Raymond Chabot Grant Thornton became a founding member of the Grant Thornton International Ltd network.

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INFORMATION:
Francis Letendre
Raymond Chabot Grant Thornton
Senior Consultant, Public Relations
T +1 514 390-4201
E [email protected]

INFORMATION ON THE RESEARCH PRESENTED:
Dominic King
Grant Thornton International Ltd
Global research manager
T +44 (0) 207 391 9537
E [email protected]

21 Oct 2014  |  Written by :

Mr. Imbriglio is partner and the President & CEO of Raymond Chabot Grant Thornton. He is in charge...

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17 Oct 2014
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

On October 11 at the Palais des Congrès de Montréal was held the Permit Presentation ceremony of the Ordre des comptables professionnels agréés du Québec.

After this ceremony, which aims to welcome new CPAs in the accounting profession and to highlight the success of candidates or new members who won honors at different evaluations leading to the CPA designation, Samuel Nadeau, intermediate auditor at our office in Drummondville, took the oath of office.

This honor is only offered to two graduates, French and English, having highly distinguished themselves during their studies.

Raymond Chabot Grant Thornton would like to congratulate Mr. Nadeau for his leadership and his dedication to excellence!

Photo : Ordre des CPA du Québec

Photo : Ordre des CPA du Québec

21 Oct 2014  |  Written by :

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16 Oct 2014
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.
Christine Regimbal

Christine Regimbal

Congratulations to Christine Regimbal, Assurance Partner with the Montreal office, for acting as Honorary Co-Chair of the 19th Annual Golf Tournament of the Foundation of the Women’s Centre of Montréal. The event was a resounding success, raising $5,000 more than the target of $53,000, which will be used for the welfare of women and their families.

Denise Tessier, Assurance Partner, had already been honoured last March for “leaving her mark on the history” of the Foundation of the Women’s Centre of Montréal. In particular, she has served as Chair of the Board of Directors (her term of office ends soon) and has been an active member of the organization for 18 years. Congratulations!

Congratulations to our two partners for their dedication to the cause of women and their community involvement!

About the Women’s Centre of Montréal

For over 40 years, the Centre’s mission has been very simple, yet complex: “help women help themselves” by providing them with the necessary tools to improve their personal and family living conditions. The Centre’s main strength resides in its ability to bring together Québécois, immigrant and Aboriginal women under the same roof, offering them a wide range of services in a warm environment, while respecting their rhythm and their aspirations so that they contribute actively to our community.

21 Oct 2014  |  Written by :

Mr. Imbriglio is partner and the President & CEO of Raymond Chabot Grant Thornton. He is in charge...

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15 Oct 2014
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

Grant Thornton’s international conference will be taking place this year with delegates from over 130 countries in attendance! Raymond Chabot Grant Thornton and its President and CEO, Emilio B. Imbriglio, are proud to invite you to two of the conference’s events.

Ed Nusbaum

Ed Nusbaum

During the first event on October 21 at noon, Ed Nusbaum, CEO of Grant Thornton International, will be speaking during a breakfast conference organized by the Montreal Council on Foreign Relations (MCFR) at the Hilton Bonaventure.

Under the theme Global Economic Outlook and Growth Opportunities, Ed will discuss the most recent economic data from Grant Thornton’s report on global trade as well as economic and business issues in Quebec, among other topics.

 

Francophonie Luncheon

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During the second event, come discover how Grant Thornton is poised to become the first audit and advisory organization to create an international French-speaking network.

Navigating the English-speaking business world when your first language is French can be challenging, but it can also provide numerous business opportunities. Please join us during this unique French event where the focus will be on international networking with delegates from firms in France, Switzerland, Luxembourg and French-speaking African countries.

Partners Louis Crête and Louis Bérardi will play an important role during this free event. Sign up today, space is limited!

  • When: Thursday, October 23, 2014 from noon-2:00 p.m. (welcome as of 11:30 a.m.)
  • Where: Fairmont Queen Elizabeth Hotel (Saint-François room)

Welcome one and all and enjoy the conference!

21 Oct 2014  |  Written by :

Mr. Imbriglio is partner and the President & CEO of Raymond Chabot Grant Thornton. He is in charge...

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