VICTORIA — Despite a slowdown due to factors such as global inflation and higher interest rates, British Columbia’s economy is expected to maintain steady growth.
The Economic Forecasting Council has forecast that the province’s economy will grow by 2.9% in 2022 and 0.4% in 2023. The original forecast presented in January 2022 was 4.2% and 2.7 %, respectively, according to a press release.
Domestic product growth is expected to pick up in 2024 with an increase of 1.6%, followed by 2.3% in 2025, 2.3% in 2026 and 2.1% in 2027.
“The downgrade in the near-term outlook is consistent with other jurisdictions and reflects persistent global inflation and interest rates that are rising more and faster than expected across Canada,” said the statement from the Ministry of Finance. the province
“We are entering this period of slower growth and challenging economic times in a strong position to continue to support people because BC’s economy grew more than most last year,” said Selina Robinson, Minister of Finance, in the statement.
