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
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.
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.
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.
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.
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.
'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.
Trump's lawyers try to discredit testimony of prosecution's first witness in hush money trial
Donald Trump's defence team attacked the credibility Friday of the prosecution's first witness in his hush money case, seeking to discredit testimony detailing a scheme between Trump and a tabloid to bury negative stories to protect the Republican's 2016 presidential campaign.
U.S. flight attendant indicted in attempt to record teen girl in airplane bathroom
An American Airlines flight attendant was indicted Thursday after authorities said he tried to secretly record video of a 14-year-old girl using an airplane bathroom last September.
Powerful tornado tears across Nebraska, weather service warns of 'catastrophic' damage
Devastating tornadoes tore across parts of eastern Nebraska and northeast Texas Friday as a multi-day severe thunderstorm event ramped up in the central United States.