VICTORIA — Despite slowing due to factors such as global inflation and higher interest rates, British Columbia’s economy is expected to retain steady growth.
The Economic Forecast Council has projected the province’s economy will grow by 2.9 per cent in 2022 and 0.4 per cent in 2023. The original forecast presented in January 2022 was 4.2 per cent and 2.7 per cent, respectively, according to a news release.
Domestic product growth is expected to pick up in 2024 with an increase of 1.6 per cent, followed by 2.3 per cent in 2025, 2.3 per cent in 2026 and 2.1 per cent in 2027.
“The reduction in the near-term outlook is consistent with other jurisdictions and reflects persistent global inflation and interest rates rising higher and more rapidly than expected throughout Canada,” reads the release from the province’s Ministry of Finance.
“We’re entering this period of slower growth and challenging global economic times in a strong position to continue supporting people because B.C.’s economy grew more than most last year,” said Selina Robinson, minister of finance, in the release.
