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
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Maple Leafs fall to Bruins in Game 3, trail series 2-1
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
New Indigenous loan guarantee program a 'really big deal,' Freeland says at Toronto conference
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
'Life was not fair to him': Daughter of N.B. man exonerated of murder remembers him as a kind soul
The daughter of a New Brunswick man recently exonerated from murder, is remembering her father as somebody who, despite a wrongful conviction, never became bitter or angry.