BC Economic Forcast Council Projects Moderate Rebound for 2021-22

British Columbia News

Mar 8, 2021

British Columbians can expect a slight rebound and moderate growth in the economy in 2021 with further growth in 2022, following unprecedented economic impacts caused by the COVID-19 pandemic, according to new projections from the Economic Forecast Council.

“Like all provinces, people in B.C. have weathered a year unlike any other. The pandemic has required significant changes to the way we conduct day-to-day business, and those changes have affected workers, businesses, households and the economy as a whole,” said Selina Robinson, Minister of Finance. “I am encouraged to hear the economic forecasts signal our government is on the right path and poised to seize the opportunities that recovery will offer, but we also need to be realistic about the long road ahead. Our priority will continue to be responding to the needs of people, businesses and communities, during the pandemic response and into recovery.”

The Economic Forecast Council estimates B.C.’s real gross domestic product (GDP) declined by 5.1% in 2020. The council predicts growth of 4.7% in 2021 and 4.3% in 2022.

Since the economic low point of the pandemic in April 2020, British Columbia has had nine consecutive months of job growth. The province’s unemployment rate remains above pre-pandemic levels but is below the national average. The Province has retained its status as the only province with triple-A credit ratings by the three international ratings agencies, further signalling prudent fiscal management.

At the onset of the pandemic, the B.C. government responded to support people, businesses and communities, through measures like worker benefits, income and disability assistance top-ups, and temporary tax reductions and deferrals. In September 2020, the Province announced targeted investments through the StrongerBC Economic Recovery Plan to help get British Columbians back to work, while supporting the infrastructure, services and shared growth needed for B.C.’s economic recovery.

The Economic Forecast Council discussed current events and issues affecting British Columbia’s economy and forecasts, including:

COVID-19 impacts over the short and medium term, as well as industry-specific impacts, gender-based analysis and other intersections across the economy;

government policies to support economic recovery and maintain fiscal discipline;

policies and vaccination timelines in B.C., Canada and the rest of the world;

housing affordability and resilience in homebuying;

LNG and other industry opportunities; and

uncertainty surrounding the global outlook and restrictions around trade.

The Economic Forecast Council consists of 13 independent forecasters from banks, financial institutions and independent organizations across Canada. The council gathers once a year with the minister of finance to offer economic advice in advance of each year’s budget and fiscal plan.

The council’s economic forecasts will be presented with the B.C. government’s updated forecasts in Budget 2021.

Quick Facts:

The Ministry of Finance’s Fall 2020 Economic and Fiscal Update, released Dec. 17, 2020, showed prudent real GDP projections of a 6.2% decline in 2020, followed by a 3.0% gain in 2021.

B.C.’s Fall 2020 Economic and Fiscal Update forecast the provincial deficit at $13.6 billion for 2020-21.

Learn More:

For more information on StrongerBC, visit: https://strongerbc.gov.bc.ca/

For information about BC’s Restart Plan, visit: http://gov.bc.ca/restartbc

For information on services and benefits available to help people and businesses throughout the pandemic, visit: www.gov.bc.ca/COVIDgovernmentbenefits

Source

Related Articles


Latest Articles

  • Investment in Single-Family Homes Continues to Rise for April

    Investment in Single-Family Homes Continues to Rise for April

    June 14, 2024 Month over month, investment in building construction increased 4.5% to $20.4 billion in March. The residential sector was up 5.4% to $14.3 billion, while investment in the non-residential sector increased 2.3% to $6.1 billion. On a constant dollar basis (2017=100), investment in building construction increased 4.1% to $12.5 billion in March. Investment in single-family homes continues to rise Investment in… Read More…

  • Record High Levels in British Columbia’s Multi-Unit Residential Construction Intentions for April

    Record High Levels in British Columbia’s Multi-Unit Residential Construction Intentions for April

    June 14, 2024 Month over month, the total value of building permits in Canada significantly increased 20.5% to $12.8 billion in April. Construction intentions in the residential sector increased 21.0% to $8.0 billion and the non-residential sector rose 19.6% to $4.8 billion, with growth observed in all components. British Columbia posted a record high monthly total value of building permits ($3.1 billion),… Read More…

  • ECAO’s Ontario’s Energy Future Sector Analysis Report

    ECAO’s Ontario’s Energy Future Sector Analysis Report

    June 14, 2024 Driven by economy-wide decarbonization efforts in response to the global climate crisis, Ontario’s electricity sector is rapidly evolving to enable the shift from fossil-based energy sources to clean energy sources. At the same time, with electrification of industry, transportation and more, it is abundantly clear that the demand for electricity supply is… Read More…

  • Planned Shift from Gas to Electric Heat Required to Avoid High Costs and Emissions: Report

    Planned Shift from Gas to Electric Heat Required to Avoid High Costs and Emissions: Report

    June 14, 2024 New research published today by the Canadian Climate Institute finds that a system-wide shift from gas to electric heat is the lowest-cost path through the clean energy transition. The report, Heat Exchange: How today’s policy choices will drive or delay Canada’s transition to clean, reliable heat, concludes that provincial government action will be  necessary to protect reliability and… Read More…


Changing Scene

  • Danielle Mayer – 2024 ECAM Award Recipient

    Danielle Mayer – 2024 ECAM Award Recipient

    June 14, 2024 Danielle Mayer’s journey to receiving the 2024 ECAM Award is one of dedication and determination. Danielle’s interest in the electrical trade sparked when she realized its potential as a hands-on career path, prompted by the suggestion from her friends that they needed an electrician among them. Beginning her exploration of the electrical… Read More…

  • CAF-FCA Unveils Trades Talent – An Innovative Speaker Connection Service at 2024 National Apprenticeship Conference

    CAF-FCA Unveils Trades Talent – An Innovative Speaker Connection Service at 2024 National Apprenticeship Conference

    June 14, 2024 The 2024 National Apprenticeship Conference saw an exciting announcement from the Canadian Apprenticeship Forum (CAF-FCA) with the launch of Trades Talent, an innovative online service designed to connect event planners with expert speakers in the skilled trades sector. This ground-breaking platform promises to be a game-changer for those seeking knowledgeable and engaging… Read More…

  • Atkore Announces Environmental Product Declarations for Steel and PVC Conduit Products

    Atkore Announces Environmental Product Declarations for Steel and PVC Conduit Products

    Atkore Inc. announced it has published Environmental Product Declarations (EPDs) for its Galvanized Steel, Stainless Steel, and PVC Conduit & Fittings portfolios. Verified by an independent third party, each EPD contains a product’s life cycle assessment that measures its environmental impact, such as greenhouse gas emissions, energy use, water consumption, waste generation, and other factors…. Read More…

  • ECAO 2024 Douglas J.B. Wright Award

    ECAO 2024 Douglas J.B. Wright Award

    June 14, 2024 Congratulations to Mr. Allan Kellett, Co-Owner of K-Line Group of Companies, on being named the recipient of the ECAO’s 2024 Douglas J.B. Wright Award! The award was presented earlier this month as part of ECAO’s Annual General Meeting. View the LinkedIn post HERE Read More…