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
'A beautiful soul': Funeral held for baby boy killed in wrong-way crash on Highway 401
A funeral was held on Wednesday for a three-month-old boy who died after being involved in a wrong-way crash on Highway 401 in Whitby last week.
'Sophisticated' cyberattacks detected on B.C. government networks, premier says
There has been a "sophisticated" cybersecurity breach detected on B.C. government networks, Premier David Eby confirmed Wednesday evening.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
Biden says he will stop sending bombs and artillery shells to Israel if they launch major invasion of Rafah
U.S. President Joe Biden said for the first time Wednesday he would halt shipments of American weapons to Israel, which he acknowledged have been used to kill civilians in Gaza, if Prime Minister Benjamin Netanyahu orders a major invasion of the city of Rafah.
Canucks claw out 5-4 comeback win over Oilers in Game 1
Dakota Joshua had a goal and two assists and the Vancouver Canucks scored three third-period goals to claw out a 5-4 comeback victory over the Edmonton Oilers in Game 1 of their second-round playoff series Wednesday.
Nijjar murder suspect says he had Canadian study permit in immigration firm's video
One of the Indian nationals accused of murdering British Columbia Sikh activist Hardeep Singh Nijjar says in a social media video that he received a Canadian study permit with the help of an Indian immigration consultancy.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Quebec premier defends new museum on Quebecois nation after Indigenous criticism
Quebec Premier Francois Legault is defending his comments about a new history museum after he was accused by a prominent First Nations group of trying to erase their history.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.