Right now in Canada, the Bank of Canada outlined that we have a productivity crisis. We have less competition than we used to in Canada. Industries are becoming more concentrated, and the number of industries where this is happening is increasing. The standard of living for Canadians is declining with no end in sight, and we are on the cusp of the worst decline in living standards in 40 years.
Canada is experiencing one of the longest and deepest declines in real GDP per person since 1985. If per GDP does not recover in 2024, this period may be the longest and largest decline in per-person GDP over the last four decades. Two-thirds of Canadians believe the economy is headed in the wrong direction. According to Statistics Canada's analysis on small businesses, in the second quarter of the 2024, smaller businesses were more likely to have lower revenues in 2023 compared with 2022 and remain less optimistic than larger businesses.
Over the next three months, businesses expect obstacles such as rising inflation, the rising cost of inputs and rising interest rates. Small businesses are less likely to hire in the short term. Small businesses are more likely to expect a decrease in profitability, and 72.9% of businesses with one to nine employees do not plan to take on more debt. For 23.3% of those businesses, it is because they cannot take on any more debt.
With that, Mr. Chair, I think we should have a vote on this. Conservatives want to get our work done this summer. We've done some good work on the industry committee. Let's continue that. Canadians are expecting that from us, and I think our proposal is very reasonable.