Business in Vancouver: Threat of second wave elsewhere is major risk for B.C.

July 13, 2020
Colin Wong


At present, Deloitte expects B.C.’s economy to contract by a little less than 5% this year. A second wave here or in the U.S. – especially one that necessitates lockdown and stay-at-home measures – would worsen that outlook.

The Business Council of British Columbia (BCBC) is less optimistic with its 2020 forecast for B.C.

In the absence of a second wave, BCBC anticipates that the provincial economy will shrink by 7.8% this year – a slightly deeper contraction than what the council originally estimated back at the start of B.C.’s public health crisis in March.

That contraction is forecast to be followed by a 4.8% increase in real gross domestic product (GDP) next year, “but comes in the wake of a very steep downturn and will only result in B.C. regaining just over half of the economic output lost in 2020,” wrote BCBC report authors Ken Peacock and David Williams.

Full Article.

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