Vancouver Sun: B.C. report projects economic decline of 6.7 per cent, deficit near $12.8 billion

September 11, 2020
Colin Wong

[EXCERPT]

Still, B.C.’s projection of an economic rebound of three per cent gross domestic product (GDP) next year is lower than the four-to-five-per-cent projected by the private sector, a recognition of the risks of future waves of the virus and the resulting hardship it may deliver to households, businesses and the provincial treasury if more government aid is required.

“The ministry with its forecast for 2021 is quite implicitly recognizing there’s more pain to come,” said Jock Finlayson, executive vice-president of the Business Council of B.C.

The retail and housing market increases are good signs, but B.C.’s economy, like other provinces, has been propped up almost entirely by unprecedented federal government spending, said Finlayson.

Many of those programs are ending, or transitioning into lesser aid packages, in the coming months. At the same time, businesses that were barely hanging on during the summer may either run out of financial runway, declare bankruptcies or choose to close in the face of dismal fall prospects, said Finlayson.

Full Article.

Become A BCBC Member

LEARN ABOUT MEMBERSHIP
BACK TO TOP    

ADDRESS

Business Council of British Columbia
1050 West Pender Street, Suite 960
Vancouver BC V6E 3S7

CONTACT INFORMATION

Telephone: 604-684-3384
Media Contact: 604-684-3384
Email: info@bcbc.com

© 2023 Business Council of BC. All rights Reserved.

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram