Finance Minister Selina Robinson says she’s encouraged by predictions that British Columbia’s economy will rebound this year and next.
Robinson heard today from economists on the province’s Economic Forecast Council who estimate B.C. is on track for real GDP growth of 4.7 per cent this year and 4.3 per cent next year, before growth slows.
The same measurement for the provincial economy in 2020 shows a 5.1 per cent decline, the worst contraction since 1980.
The council of economists from major financial institutions warns that the strength of recovery depends heavily on the rollout of COVID-19 vaccines and stimulus plans in the United States, a key trade partner.
Robinson also heard the recovery won’t be felt evenly, with certain hard-hit industries and low wage earners tending to suffer the greatest ongoing impacts of the pandemic.
The minister says the next B.C. budget will focus on continuing to support British Columbians through the emergency of the pandemic while investing in the future.
“We can see the light at the end but we’re still in the tunnel,” Robinson says.