In its latest forecast June 16, the Business Council of B.C. estimates that B.C.’s gross domestic product will shrink by almost eight per cent in 2020. Jock Finlayson, BCBC’s chief policy officer, notes that the province recognizes 517,100 businesses, and 315,000 of them are self-employed individuals with no paid staff. The vast majority of the rest have nine employees or fewer.
“Looking ahead, we suspect that a significant number of B.C. business that existed when the year began will be gone by the end of 2021,” Finlayson said in a commentary.