National

B.C. growth forecast drops to one per cent for 2023, but deficit projection improves

Darpan News Desk The Canadian Press, 28 Nov, 2023 04:38 PM

British Columbia's economy is forecast to grow one per cent in 2023, a drop from the 1.2 per cent predicted earlier by the Ministry of Finance.

The ministry's second quarterly report also forecasts slower economic growth for next year of 0.7 per cent.

But the budget's September deficit forecast of $6.7 billion has improved by $1.1 billion, with this year's deficit now projected at $5.6 billion.

The ministry says in a statement the province's economy is being impacted by slow growth globally and high interest rates in Canada.

It says employment growth has expanded by 1.4 per cent, while B.C.'s population grew by three per cent.

Finance Minister Katrine Conroy says people's budgets have been squeezed by global inflation, while high interest rates are making the already high cost of buying or renting a home more expensive, but the government will continue supporting people by helping to ease the pressure of everyday costs.

Prev Next

MORE National ARTICLES

Bank of Canada may need to raise rates again, despite this week's hold: Macklem

The Bank of Canada may have to raise interest rates further, given that inflation may stay high for some time, said governor Tiff Macklem Thursday. His speech at the Calgary Chamber of Commerce came one day after the central bank decided to hold its key interest rate steady at five per cent as signs of an economic slowdown grow.

Bank of Canada may need to raise rates again, despite this week's hold: Macklem

Trudeau eyes Indo-Pacific trade deals to avoid China aim to 'play us off each other'

Prime Minister Justin Trudeau says Canada's rocky relations with China have stabilized, while telling business leaders in Singapore that Ottawa has committed to a timeline for trade deals with the region. Trudeau is undertaking a weeklong visit to Indonesia, Singapore and India with a focus on shoring up trade in a region Ottawa sees as key to counteracting coercive economic moves by China.

Trudeau eyes Indo-Pacific trade deals to avoid China aim to 'play us off each other'

Changes to minimum tax to add $2.6 billion over five years for feds: PBO

The parliamentary budget officer says the federal government's proposed changes to the alternative minimum tax will generate an additional $2.6 billion in revenue over five years. The tax aims to ensure high-income earners and trusts don't pay disproportionately less in taxes than other taxpayers.

Changes to minimum tax to add $2.6 billion over five years for feds: PBO

Federal prediction says parts of Canada could see wildfires through winter

The latest federal government forecast says Canada's already unprecedented 2023 wildfire season could continue late into the fall or winter. Energy and Natural Resources Minister Jonathan Wilkinson says there is potential for increased wildland fire activity from eastern Alberta through to central Ontario at least until the end of this month, while fires in B.C. and the Northwest Territories will continue to smoulder.

Federal prediction says parts of Canada could see wildfires through winter

Derelict boats removal in Surrey

The City of Surrey says it will be removing derelict boats from the Nicomekl River this month. The city says boats have been illegally mooring on a narrow section of the river, dumping raw sewage and garbage into the water, and creating hazards for other boaters.

Derelict boats removal in Surrey

Police return emotional support rabbit that ran loose in Vancouver SkyTrain station

A rabbit that hopped the tracks at a downtown Vancouver transit station was reunited with its owner after efforts by passengers and police. Metro Vancouver Transit Police say the bunny was running loose last Thursday at the Granville SkyTrain station when a passenger picked it up and handed it to officers patrolling the underground stop.