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
BREAKING King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
BREAKING Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
'Unacceptable': Trudeau reacts after AFN chief says headdress taken from plane cabin
After the Assembly of First Nations' national chief said her headdress was taken from an airplane cabin this week, Prime Minister Justin Trudeau called the incident 'unacceptable' and a 'mistake' on the part of Air Canada.
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.
From faulty kids' cribs to flammable kids' bathrobes, here are the recalls of the week
Health Canada issued recalls for various items this week, including kids’ bathrobes, cribs and henna cones.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
'Violation': CSIS had officer investigated after she reported a superior raped her
A CSIS officer's allegations that she was raped repeatedly by a superior in agency vehicles set off a harassment inquiry, but also triggered an investigation into her that concluded the alleged attacks were a “misuse” of agency vehicles by the woman.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.