CBC: Businesses welcome feds' help but say B.C. economy will still take a big hit

March 30, 2020
Colin Wong


Ken Peacock, vice-president of the Business Council of B.C., said the hit businesses in this province could take is likely to be significant and he questions why more isn't being done to help them.

His organization has analyzed the various sectors in the province — a challenge because there are still so many unknowns about what the coronavirus emergency might entail and how long it might last — and estimates B.C.'s economy could contract by about seven per cent in 2020.

That would be far worse than the 2008-2009 recession and on par with the recession of 1981-1982, he said.

"Our biggest fear is the destruction of institutions and businesses," Peacock said. "It's a daunting number."

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