The recently conducted survey by the Royal Bank has revealed that many Canadians believe that the national economy will deteriorate over the next 12 months.

Millions of Canadians, accounting to nearly 65 per cent of the population, face a tough time because of money troubles, reveals the Royal Bank of Canada's Canadian consumer outlook index, released Thursday.

However, economists seem to be convinced that the future is sharp; Canadians are not at all coaxed that the economy is going to improve, with 46 per cent of Canadians posting that it's in bad shape, while, 20 per cent speculating that it will further deteriorate in the next 12 months.

"Perhaps it's a bit of a reality check for Bay Street from Main Street", Craig Wright, RBC's Senior Vice-President and Chief Economist, said about the bank's "flatlined" consumer index, which in March stood at 108, down from 109 in February.

Wright feels that the results of the March outlook are astonishing, since reports related to the course of the month, including better-than-expected 0.6 per cent boost in gross domestic product uncovered Wednesday, have emerged as a huge surprise for the analysts.