Lacklustre economic growth expected in B.C. this year: report

Combination of local and global factors adds up to a forecast of 0.7% economic increase

The Canadian Press Feb 15, 2024 11:30 AM

web1_20240117100156-65a7f8b09f6cb89cc82c8104jpeg — B.C.鈥檚 economy grew by just 0.9 per cent in 2023 and is forecast to grow only 0.7 per cent in 2024. THE CANADIAN PRESS/Adrian Wyld The mayor of Delta, B.C., calls the lack of communication from FortisBC 鈥渁n egregious oversight鈥� after the utility company failed to notify the public for more than four hours after a gas leak at a renewable gas plant. British Columbia鈥檚 provincial flag flies on a flagpole in Ottawa, Friday, July 3, 2020. THE CANADIAN PRESS/Adrian Wyld

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

The Business Council of British Columbia says 鈥渓acklustre鈥� growth globally, high interest rates and weak private-sector job and investment numbers all add up to 鈥渁 drag on prosperity鈥� in 2024.

The report says while large capital projects in the province 鈥渇uelled strong gains鈥� in per-capita GDP, B.C.鈥檚 economy grew by just 0.9 per cent in 2023 and is forecast to grow only 0.7 per cent in 2024.

The group鈥檚 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 鈥渃oncerning,鈥� 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.

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