National

B.C. growth forecast drops to one per cent for 2023, but deficit projection improves

Darpan News Desk The Canadian Press, 28 Nov, 2023 04:38 PM

British Columbia's economy is forecast to grow one per cent in 2023, a drop from the 1.2 per cent predicted earlier by the Ministry of Finance.

The ministry's second quarterly report also forecasts slower economic growth for next year of 0.7 per cent.

But the budget's September deficit forecast of $6.7 billion has improved by $1.1 billion, with this year's deficit now projected at $5.6 billion.

The ministry says in a statement the province's economy is being impacted by slow growth globally and high interest rates in Canada.

It says employment growth has expanded by 1.4 per cent, while B.C.'s population grew by three per cent.

Finance Minister Katrine Conroy says people's budgets have been squeezed by global inflation, while high interest rates are making the already high cost of buying or renting a home more expensive, but the government will continue supporting people by helping to ease the pressure of everyday costs.

Prev Next

MORE National ARTICLES

RCMP says Lytton wildfire probe still active, two years after village's destruction

The Village of Lytton and the Thompson-Nicola Regional District are suing Canadian National and Canadian Pacific railways and Transport Canada, alleging they were negligent to let trains pass through the town during the heat dome. The district says the claim was brought on its behalf by its insurer, the Municipal Insurance Association of B.C.

RCMP says Lytton wildfire probe still active, two years after village's destruction

Series of trailer and skid-steer thefts result in over $150K

Between May and June 2023, a suspect male has attended various Home Depot locations in Langley, Vancouver, Burnaby, Coquitlam and Port Coquitlam to steal Bobcat510 wheeled skid-steers and trailers. In all five incidents, the suspect rented the skid-steers using a false name, removed the GPS trackers and never returned them.

Series of trailer and skid-steer thefts result in over $150K

Lack of B.C. transplant surgeons means donated kidneys are sent elsewhere: doctors

Dr. David Harriman, a kidney transplant surgeon at Vancouver General Hospital, said between eight and 10 surgeons are needed in B.C. so residents waiting for a kidney can benefit from the organs that were donated in the province. The B.C. Health Ministry said the province had six kidney transplant surgeons in 2018.

Lack of B.C. transplant surgeons means donated kidneys are sent elsewhere: doctors

New Chinese Canadian Museum opens its doors in historic Vancouver Chinatown building

The museum opens its permanent location in Chinatown's historic Wing Sang Building after more than six years of planning, starting with then-premier John Horgan mandating the province's Tourism, Arts and Culture Ministry to establish the institution.

New Chinese Canadian Museum opens its doors in historic Vancouver Chinatown building

Family appeals to public on one-year anniversary of Port Coquitlam shooting

Around 1 A-M on June 30th last year, police responded to reports of gunshots. Officers arrived to find 37-year old Mehdi “Damian” Eslahian suffering from gunshot wounds outside a home in Port Coquitlam, and he died at the scene.

Family appeals to public on one-year anniversary of Port Coquitlam shooting

B.C. must urgently change forest strategies or face more wildfire disasters: report

British Columbia's independent forests watchdog is calling for the provincial government to make critical changes to how it manages forests to reduce the risk of catastrophic wildfires. It comes as the largest wildfire in the province's history, the Donnie Creek wildfire, continues to burn out of control in the remote northeast.