B.C.’S Economy Forecast To Slow In 2024, Followed By Steady Growth

Private-sector forecasters expect B.C. to see slower economic growth through 2024 due to high interest rates and a softening global economy, before growing steadily in the medium term.

“B.C. is well positioned to continue to support people through the challenges ahead, with a diverse economy and prudent fiscal planning,” said Finance minister Katrine Conroy.

“At a time when people are facing global economic challenges, we won’t leave people to fend for themselves. We’re going to continue to put people first and take action on the biggest challenges we face today.”

The finance minister met with the Economic Forecast Council - a 13-member council of independent private-sector forecasters from across Canada - in preparation for the next year’s budget.

The EFC anticipates real gross domestic product in B.C. will grow by 0.9% in 2023, 0.5% in 2024 and 2.2% in 2025, slightly lower than the Province’s projections in the Second Quarterly Report.

Forecasts and feedback from the council help inform the Province as it prepares the next provincial budget, which will be released February 22nd.

To learn more, visit Government of British Columbia.