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

'There's no one to fill his shoes': Journalist and author Peter C. Newman dies at 94

Veteran journalist and author Peter C. Newman, who held a mirror up to Canada, has died at the age of 94. He died in hospital in Belleville, Ont., Thursday morning from complications related to a stroke he had last year, which caused him to develop Parkinson's disease, his wife Alvy Newman said by phone.

'There's no one to fill his shoes': Journalist and author Peter C. Newman dies at 94

Western Canada a global hot spot over summer months: Climate Central study

An analysis has found that Western Canada was one of the global hot spots in a summer that climate change made one of the warmest on record. The extensive study by Climate Central concludes that Canada saw nine days of high temperatures that were made at least three times more likely by greenhouse gases.

Western Canada a global hot spot over summer months: Climate Central study

Morning stabbing in Nanaimo

Police in Nanaimo are looking for a knife used in a stabbing this morning. R-C-M-P say one person was stabbed after an altercation in the 100 block of Victoria Crescent.

Morning stabbing in Nanaimo

Liberals could ask Bank of Canada to stop hiking interest rates: NDP

The New Democrats say the federal government should follow the lead of British Columbia's premier and ask the Bank of Canada to stop raising interest rates. Premier David Eby wrote to Bank of Canada Governor Tiff Macklem last week and asked him not to hike rates again as Canadians struggle to pay for food and rent.

Liberals could ask Bank of Canada to stop hiking interest rates: NDP

Children's Ministry refuses to compensate youth it misinformed: B.C. Ombudsperson

British Columbia's government is refusing to pay a young woman for its own mistakes and the provincial ombudsperson says she may not be the only one harmed. Jay Chalke says the Ministry of Children and Family Development gave the woman incorrect information, leading her to believe she was eligible for government support for post-secondary education worth tens of thousands of dollars.

Children's Ministry refuses to compensate youth it misinformed: B.C. Ombudsperson

Feds award $15 million contract to Sun Life to lay groundwork for dental care program

The federal government has awarded a contract worth up to $15 million to lay the groundwork for a new national dental insurance plan. The new plan, which was a key demand from the NDP as part of the its supply and confidence agreement with the governing Liberals, will replace the interim dental benefit for kids rolled out last year.