The economic impact of COVID-19 could shrink B.C.’s economy by between 7% and 12% this year.
An "optimistic" scenario at the low end of that range would dwarf the economic impact B.C. experienced during the Great Recession of 2008-09, and surpass the declines in growth and employment brought by the brutal 1981-82 recession, according to the Business Council of British Columbia (BCBC).
In a new report released Friday, BCBC economists note that the province could lose 500,000 jobs by the end of the second quarter. They expect tens of thousands of businesses to declare insolvency or close permanently, and fear that some industries will suffer lasting damage as a result of the global pandemic.