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A look into the possible economic damage to B.C. from COVID-19 indicates it will be much worse than the recession more than a decade ago.
In the worst case, B.C. would see a loss of $45-billion in economic activity, according to the Business Council of British Columbia, as well as an output decline of more than 11 per cent if shutdowns last longer than expected.
“My concern is that we may have to be in sort of a quasi-lockdown period, longer than eight or nine weeks that might extend well into the summer. And my other real concern in the wildcard is the risk of re-introduction,” Chief economist Ken Peacock says.
