National

Private forecasters see economic growth in B.C. slowing to 0.5 per cent next year

Darpan News Desk The Canadian Press, 04 Dec, 2023 06:20 PM

Private-sector forecasters in British Columbia say they agree with the government's recent projection that economic growth will slow next year.

The Economic Forecast Council, an independent 13-member group, met Finance Minister Katrine Conroy on Monday and told her they foresee 0.5-per-cent growth in 2024, slightly below Conroy's recent forecast of 0.7 per cent.

B.C. finance ministers traditionally meet annually with the forecast council ahead of the introduction of the government's budget, set for Feb. 22.

Conroy last week said slowing global economies and inflation in Canada were contributing to her downgraded economic growth prediction.

The Ministry of Finance says in a statement most forecast council members said the impact of past Bank of Canada interest rate hikes haven't be fully felt and housing affordability and supply remain challenges.

Opposition BC United finance critic Peter Milobar, who attended the forecast council's meetings, says he heard concerns about a lack of future development, now that major projects including oil and gas pipelines, the Kitimat liquefied natural gas terminal and the Site C dam are nearing completion.

"Despite (increased) immigration masking a lot of structural problems with our economy and not making it look like a recession, in people's households they are very much feeling like it's a recession," he said at a news conference.

Conroy last week said B.C.'s economy is projected to grow by about one per cent this year, a dip from the forecast in September of 1.2-per-cent growth.

Prev Next

MORE National ARTICLES

Escalating theft and violence aside, London Drugs not considering closures: president

London Drugs president Clint Mahlman says the company has no plans to close stores due to escalating violence and theft, though the issue has reached a "crisis point" for Canadian retailers. Mahlman says the company was disappointed to learn that a Vancouver city councillor said on social media that London Drugs was considering closing one of its main stores in the city, at the intersection of Granville and Georgia streets, due to crime.

Escalating theft and violence aside, London Drugs not considering closures: president

Funding for BC hospitals

Hospitals in Merrit, Oliver and Salmon Arm will get 7.5-million-dollars in permanent funding from the province to help stabilize physician emergency-room coverage. Health Minister Adrian Dix says challenges like worker recruitment and retention and the ongoing toxic-drug crisis are more prominent in rural and remote communities.

Funding for BC hospitals

IHIT officer testifies to executing DNA warrant of man accused in B.C. murder trial

Sgt-Maj. Heather Lew told a B.C. Supreme Court murder trial that she collected a few drops of blood from Ibrahim Ali's finger on Sept. 9, 2018, two days after his arrest and almost 14 months after the girl's body was found. Ali has pleaded not guilty to first-degree murder in the death of the teen.

IHIT officer testifies to executing DNA warrant of man accused in B.C. murder trial

Hamas's attack on Israel: Two victims with Canadian ties laid to rest

Two victims with ties to Canada who were killed in Hamas's attacks on Israel were remembered fondly by relatives on Wednesday, who called for the world to recognize the brutality of what happened. Tiferet Lapidot, 22, was formally identified by authorities on Monday, more than a week after she died at a music festival near the Gaza Strip border, where Hamas's attack began on Oct. 7. Her family had thought she was among those being held hostage.

Hamas's attack on Israel: Two victims with Canadian ties laid to rest

Burnaby homes gutted by fire

Four unoccupied homes have been badly damaged after an early morning fire in Burnaby. Fire officials say that the homes were slated for demolition. Summers says they needed 42 firefighters and 11 trucks to knock down the blaze.

Burnaby homes gutted by fire

B.C. man, Mukhtiar Singh Panghali, who killed his pregnant wife in 2006 is granted full parole

A British Columbia man who killed his pregnant wife and burned her body in 2006 has been granted full parole. Mukhtiar Singh Panghali, who's now 51 years old, was given a life sentence in 2011 for second-degree murder in the death of Manjit Panghali.