B.C. expects higher than national GDP growth this year, but flood recovery costs still not tallied
The B.C. government says it's optimistic about the province's economic growth in the coming year, though the costs of recent flooding and extreme weather have not been fully calculated yet.
The Ministry of Finance says it recently completed its yearly assessment with the Economic Forecast Council (EFC), which is made up of 13 private-sector forecasters, and the new Environmental, Social, Governance (ESG) Advisory Council.
The EFC estimates that B.C.'s economy will grow by 5.3 per cent for 2021, and continue to rise another 4.2 per cent in 2022.
The province notes that this is a higher rate than Canada's overall GDP growth estimate, which comes in at 4.9 per cent for 2021, and 4.1 per cent for 2022.
However, the province says the total economic impacts of recent natural disasters could change these assessments.
"There are more challenges ahead, but forecasts signal the work we have done so far has put us on the right track and provided us with a solid foundation to continue responding to the pandemic and recent flooding and support a strong recovery for British Columbians," said Finance Minister Selina Robinson in a release Friday.
The province says some key topics were highlighted by the EFC and ESG Advisory Council during their annual discussion.
The B.C. government says the following issues were put forward as top priorities for the province:
- Climate change risks and impacts on people
- Housing affordability
- Reconciliation with Indigenous Peoples
- Trade tensions and supply chain disruptions
- Standard of living, poverty and inequality
- Diversity and inclusion
- Economic resilience and sustainability
- Natural resource development
- Policies and measures that build shared prosperity
The province's discussions with the two councils will factor into the next provincial budget, which is slated to be released on Feb. 22.
EFC members may also submit revised forecasts in early January, according to the Ministry of Finance.
"As we look to our recovery, we are aligning our investments with our priorities to ensure that while we grow our economic resilience, we are also making progress on addressing climate change, reducing poverty and inequality, and advancing reconciliation with Indigenous Peoples," said Robinson.
CTVNews.ca Top Stories
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Toxic testing standoff: Family leaves house over air quality
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
OPP responds to apparent video of officer supporting anti-Trudeau government protestors
The Ontario Provincial Police (OPP) says it's investigating an interaction between a uniformed officer and anti-Trudeau government protestors after a video circulated on social media.
An emergency slide falls off a Delta Air Lines plane, forcing pilots to return to JFK in New York
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Loud boom in Hamilton caused by propane tank, police say
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.