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

Minister sorry for 'crappy piece of land' remark that angered pro-Palestinian groups

British Columbia's Post-Secondary Education Minister Selina Robinson has apologized for saying Israel was founded on a "crappy piece of land," remarks that have angered pro-Palestinian groups and others and triggered calls for her resignation. Robinson said in a social media post on Thursday that her comments were "disrespectful," and she was referring to the land having limited natural resources.

Minister sorry for 'crappy piece of land' remark that angered pro-Palestinian groups

Cremated remains found at YVR

Police are asking for the public's help in reuniting cremated remains with the rightful guardian. Mounties in Richmond say someone left a package at the outbound international screening checkpoint at Vancouver International Airport on November 27th.

Cremated remains found at YVR

Man charged with multiple B & E's

A man suspected of multiple break-and-enters last year and in 2022 has been charged with 27 counts in relation to the incidents. Burnaby Mounties say the 44-year-old is facing charges ranging from break-and-enter to possession of stolen property, including for the purpose of trafficking.

Man charged with multiple B & E's

3 year housing plan for Surrey

The City of Surrey is launching a three-year plan to boost the number of new housing units to an average of more than four thousand per year. A statement from the City of Surrey says the plan is enabled by 96-million-dollars in federal funding.

3 year housing plan for Surrey

Bus firm and union agree to mediator's plan to avert Metro Vancouver strike

Coast Mountain Bus Company and the union representing its transit supervisors have both accepted the recommendations of a mediator in an agreement that looks set to avert another Metro Vancouver bus strike. A statement from the bus firm's president, Michael McDaniel, said the next step was to sign a memorandum of agreement before the contract ratification process.

Bus firm and union agree to mediator's plan to avert Metro Vancouver strike

Increase in U.S. softwood lumber duties 'entirely unwarranted,' trade minister says

The federal government is lashing out at the U.S. Commerce Department over plans to raise duties on Canadian softwood lumber. International Trade Minister Mary Ng says the U.S. has signalled it intends to raise duties to 13.86 per cent, up from 8.05 per cent. Ng calls the move disappointing and entirely unwarranted.