Selina Robinson B.C’s finance minister, says she’s encouraged by predictions that British Columbia’s economy will rebound this year and next. THE CANADIAN PRESS/Darryl Dyck

Selina Robinson B.C’s finance minister, says she’s encouraged by predictions that British Columbia’s economy will rebound this year and next. THE CANADIAN PRESS/Darryl Dyck

Economists predict slight rebound and moderate growth for B.C. economy in 2021

B.C. on track for real GDP growth of 4.7% this year and 4.3% next year, before growth slows

Finance Minister Selina Robinson says she’s encouraged by predictions that British Columbia’s economy will rebound this year and next.

Robinson heard today from economists on the province’s Economic Forecast Council who estimate B.C. is on track for real GDP growth of 4.7 per cent this year and 4.3 per cent next year, before growth slows.

The same measurement for the provincial economy in 2020 shows a 5.1 per cent decline, the worst contraction since 1980.

The council of economists from major financial institutions warns that the strength of recovery depends heavily on the rollout of COVID-19 vaccines and stimulus plans in the United States, a key trade partner.

Robinson also heard the recovery won’t be felt evenly, with certain hard-hit industries and low wage earners tending to suffer the greatest ongoing impacts of the pandemic.

The minister says the next B.C. budget will focus on continuing to support British Columbians through the emergency of the pandemic while investing in the future.

“We can see the light at the end but we’re still in the tunnel,” Robinson says.

READ MORE: Stats Can says economy grew at a record pace in third quarter of 2020

economy

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Steven Manchur, who lives near the proposed site of supportive housing in Central Saanich on Prosser Road, said the province has misinformed the public about the site. (Wolf Depner/News Staff)
Central Saanich residents protest supportive housing project

BC Housing rejects claim that project will lead to more crime

Victoria police arrested three men following a double stabbing April 19. The two victims suffered non-life-threatening injuries. (Black Press Media file photo)
Three arrested after double stabbing in Victoria

Two people sent to hospital after being stabbed, hit with bear spray

Club Phoenix Fitness in Langford is the first Island business to be ordered closed by the provincial workplace closure order put into effect April 11. It will be closed until at least April 29. (Google Streetview/Screenshot)
Langford gym first Island business to be closed by public health order

Workplace closure order can now close businesses with three or more COVID-19 cases

A sewage pipe is pulled along Niagara Street in James Bay in 2018 as part of the Capital Regional District’s wastewater treatment plant project. Over the next 10 years, the city will complete 78 new underground infrastructure projects, upgrading sewage, stormwater and water main pipes. (Black Press Media file photo)
Construction begins on Victoria’s 10-year pipe replacement project

78 underground infrastructure projects will cost $53.8 million

FILE – NDP Leader John Horgan, right, and local candidate Mike Farnworth greet one another with an elbow bump during a campaign stop in Coquitlam, B.C., on Friday, September 25, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. won’t be using random individual road stops to enforce travel rules: Safety Minister

Minister Mike Farnworth says travel checks only being considered at major highway junctions, ferry ports

Police executed a search warrant at the Devils Army Clubhouse on Petersen road in Campbell River on August 10, 2017.
Murder trial into 2016 Campbell River killing underway in Victoria

Ricky Alexander is charged with the first-degree murder of John Dillon Brown

..
Abbotsford nurse at ‘breaking point’ pleads with public to take COVID-19 seriously

Instagram post urges general population to stay home, wear a mask and get vaccinated

Alex Mah of Chemainus spends a sunny day at Kin Beach reading to daughter Beatrice Mah. 3. (Photo by Don Bodger)
Vancouver Island’s mini-summer poised to fade

Cooler and damper this weekend, summer-like conditions not likely to return until late June

Nanaimo Fire Rescue investigator Mark Jonah probes the scene of a blaze that destroyed two apartments on Sunday, April 18. The cause of the blaze has not been determined. (Chris Bush/News Bulletin)
Arson suspect arrested after apartment fire in Nanaimo

35-year-old man arrested for allegedly starting fire lived in the complex

A wildfire has started near Gold River, and B.C. Wildfire Service crews are on scene. Photo courtesy Coastal Fire Centre
Small wildfire burning in difficult terrain near Gold River

Coastal Fire Centre investigating, but confirms blaze is human-caused

FILE – Health-care workers wave to people clapping and yelling thank you to the frontline workers during the 7 p.m.-tribute outside the Lions Gate Hospital in North Vancouver, B.C. Wednesday, April 8, 2020. THE CANADIAN PRESS/Jonathan Hayward
B.C. nurses issue plea for all to follow health orders as hospitalizations spike

Nurses worried about strain COVID-19 is having on hospital capacity, care

Most Read