B.C.'S Economy Forecast To Remain Steady, Despite Slower Near Economic Growth Through 2023

B.C. is expected to see slower economic growth through 2023 because of global inflation and higher interest rates, before steady growth resumes in the medium term, according to projections from private-sector forecasters.

Each year, B.C.'s finance minister meets with the Economic Forecast Council (EFC), a 13-member council of private-sector forecasters from throughout Canada, in preparation for the next year's budget.

The EFC anticipates the province's economy will grow by 2.9% in 2022 and 0.4% in 2023; slower than their January forecasts of 4.2% and 2.7%, respectively.

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.

The next provincial budget will be delivered February 28th.