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

B.C. finance minister to table her first budget

Conroy says the prospect of a multibillion-dollar surplus similar to last year's budget is not in the forecast. She says that almost $6-billion surplus was an anomaly that allowed the NDP government to announce numerous spending initiatives on health, affordability, infrastructure and housing.

B.C. finance minister to table her first budget

Snow delays, cancellations, on B.C. south coast

The North and West Vancouver school districts called a snow day for all public schools while Simon Fraser University cancelled morning classes at all its campuses and a statement from Vancouver International Airport says visibility and de-icing of aircraft have been affected by the unexpectedly heavy snowfall.

Snow delays, cancellations, on B.C. south coast

Vancouver police apologize after mistaken arrest

The suspect who police thought they were arresting was considered armed and dangerous, and potentially in possession of a firearm, so the department's emergency response team was deployed. Police say during the arrest officers shot the man with two rubber bullets.

Vancouver police apologize after mistaken arrest

Aid agencies ask for increased funding in 2023

The request comes in a letter signed by 75 non-governmental organizations, including the Canadian chapters of groups such as Oxfam, Save the Children, Unicef and World Vision. They're asking Freeland to increase international aid funding from the $8.15 billion pledged in the last budget and to gradually ramp that figure up to $10 billion by 2025.

Aid agencies ask for increased funding in 2023

Crash near Castlegar, B.C., claims two lives

The two Nelson residents, aged 68 and 79, were in the back seat of the Toyota and died at the scene. Police say the driver and front-seat passenger were taken to hospital while the driver of the pickup truck was not badly hurt.

Crash near Castlegar, B.C., claims two lives

Border agents finds cache of weapons in B.C.

The agency says more prohibited weapons were also found at a Chilliwack home the day after the arrest. It says the list of weapons included 13 conducted energy weapons, better known as Tasers, 360 stun guns, 171 stun batons and hundreds of prohibited knives and brass knuckles.