New projections from the Economic Forecast Council (EFC) predict a slight rebound and moderate growth for B.C. in 2021, with further growth in 2022.
The B.C. Government said this follows unprecedented economic impacts brought on by the COVID-19 pandemic.
“Like all provinces, people in B.C. have weathered a year unlike any other. The pandemic has required significant changes to the way we conduct day-to-day business, and those changes have affected workers, businesses, households and the economy as a whole,” said Selina Robinson, Minister of Finance. “I am encouraged to hear the economic forecasts signal our government is on the right path and poised to seize the opportunities that recovery will offer, but we also need to be realistic about the long road ahead. Our priority will continue to be responding to the needs of people, businesses and communities, during the pandemic response and into recovery.”
The EFC estimates the province saw 5.1% decline in its gross domestic products (GDP) in 2020. B.C. said the Council predicts a 4.7% growth in 2021 and 4.3% in 2022.
The B.C. Government said the predictions were based on B.C.’s strong economic footing.
“Since the economic low point of the pandemic in April 2020, British Columbia has had nine consecutive months of job growth. The province’s unemployment rate remains above pre-pandemic levels but is below the national average,” said the Province.
B.C. has also retained its status as the only province with a triple-A credit rating by the three international rating agencies.
According to the B.C. Government, the EFC discussed current events and issues impacting the province’s economy and forecasts, including:
- COVID-19 impacts over the short and medium term, as well as industry-specific impacts, gender-based analysis and other intersections across the economy;
- government policies to support economic recovery and maintain fiscal discipline;
- policies and vaccination timelines in B.C., Canada and the rest of the world;
- housing affordability and resilience in homebuying;
- LNG and other industry opportunities; and
- uncertainty surrounding the global outlook and restrictions around trade.
