Earlier this week, the Business Council of British Columbia issued a quiet brief about the trends emerging in BC’s economy. The title – Creaky Ships Navigate Choppy Waters – was foreboding.
The big news: BCBC is downgrading its forecast for B.C.’s economic growth from 2.2% to 2%, which could have serious ramifications for provincial government revenues. Coincidentally, on the very same day, Finance Minister Carole James discussed the government’s public accounts, touting a $1.5 billion surplus.
Who’s right here? Is this even contradictory? To find out, Maclean Kay called Ken Peacock, chief economist of the BCBC, and one of the two authors of the report.