National

Business council forecasts slower growth of 0.7 per cent in B.C. ahead of budget

Darpan News Desk The Canadian Press, 15 Feb, 2024 11:06 AM

A new report ahead of next week's B.C. budget is forecasting slower economic growth for the province this year.

The Business Council of British Columbia says "lacklustre" growth globally, high interest rates and weak private-sector job and investment numbers all add up to "a drag on prosperity" in 2024.

The report says while large capital projects in the province "fuelled strong gains" in per-capita GDP, B.C.'s economy grew by just 0.9 per cent in 2023 and is forecast to grow only 0.7 per cent in 2024.

The group's report says job growth in B.C. reached 1.5 per cent in 2023, with private-sector employment falling 0.2 per cent, or about 6,000 jobs.

Group senior vice-president and chief economist Ken Peacock says in a statement the combined picture is "concerning," with the winding-down of capital projects such as LNG Canada and the Site C dam creating further economic challenges for B.C.

The government is slated to unveil its new budget next Thursday, and both Premier David Eby and Leader of the Opposition Kevin Falcon are scheduled to discuss policy in media briefings later today.

Prev Next

MORE National ARTICLES

Interest rates to stay high

Experts are warning the next few years will likely see sharp mortgage payment increases amid expectations that interest rates will stay higher for longer. Variable rate mortgage holders have already seen their payments surge by more than 49 per cent on average, according to Bank of Canada data, but many fixed rate holders still haven't felt the sharp rise in rates.

Interest rates to stay high

Who will become Manitoba's next premier? A look at party leaders vying for the job

Manitoba's provincial election is to take place Tuesday. Here's a look at the leaders of the province's three parties that have seats in the legislature.

Who will become Manitoba's next premier? A look at party leaders vying for the job

Diwali fireworks advisory issued despite warnings it might be discriminatory: emails

An Environment Canada advisory that singled out Diwali fireworks as a reason to prepare for poor air quality last October was issued despite multiple warnings from some staff about it being discriminatory. The advisory was edited and an apology issued within hours as complaints poured in to the national weather service the morning the annual Indian festival of lights was set to begin.

Diwali fireworks advisory issued despite warnings it might be discriminatory: emails

RCMP confirm Indigenous teen missing in Williams Lake has been found safe

RCMP Staff Sgt. Kris Clark says the 13-year-old is safe. He did not say where she was found. An earlier release from the Williams Lake detachment said she was not believed to have left the Cariboo city.

RCMP confirm Indigenous teen missing in Williams Lake has been found safe

Fire in Vancouver's Kerrisdale neighbourhood destroys or damages five businesses

Vancouver Fire and Rescue Chief Karen Fry says in a social media post that flames broke out before midnight Sunday prompting a three-alarm response to the large fire. The blaze involved five shops on 41st Avenue between Maple Street and East Boulevard, including two restaurants, a bakery, a yogurt shop and a vegetable market.

Fire in Vancouver's Kerrisdale neighbourhood destroys or damages five businesses

Winter tires now required

B-C's winter driving regulations are now in effect. Winter tires or chains are required on most highway routes throughout the province from the start of October to the following spring.