Expect the B.C. economy to ease off the gas pedal this year a little more than what was originally expected.
The Business Council of B.C. (BCBC) has downgraded its forecast for province’s economy by two ticks with real GDP growth now expected to expand by 2% in 2020.
In its latest outlook, released February 5, the BCBC pointed to “extreme economic challenges facing forestry” and “essentially flat” retail sales over the past two years as two of the leading factors in the downgrade.
Job growth has also softened over the past year, with the province posting losses the past six out of seven months.