[EXCERPT]
The Business Council of British Columbia (BCBC) issued its latest B.C. Economic Review and Outlook, which shows the province’s economy slipping into a deep recession.
The business council is now forecasting a 7.8 per cent contraction in the province’s 2020 gross domestic product.
This is down from the “better case” scenario from March, which projected a 7.3 per cent decline, but the business council no longer believes the 10-per-cent to 12-per-cent contraction that was postulated under a “worse case” scenario is likely.
The organization is also concerned about B.C.’s workforce numbers. Since February, the number of people working in the province has plummeted by approximately 350,000, with 95 per cent of lost jobs in the private sector.
