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

Surrey city Councillor Brenda Locke. (File photo)
Surrey councillor trying to get policing referendum on the table, again

‘I’m sending it back for clarification,’ mayor decides

A simulation lab at Surrey Memorial Hospital has been helping healthcare professionals train during the COVID-19 pandemic. (Submitted photo)
Surrey Memorial Hospital’s simulation lab trains professionals during COVID-19 pandemic

Surrey Hospitals Foundation contributing $100K toward new technologies

Dr. Bonnie Henry speaks about the province’s COVID-19 vaccine plans during a news conference at the legislature in Victoria. THE CANADIAN PRESS/Chad Hipolito
Dr. Bonnie Henry says Surrey immunization targeted at neighbourhoods most at risk

‘What we’ve been looking at is the case rates by neighbourhood,’ provincial health officer says

A horse and driver cruise around the track at Fraser Downs in Cloverdale Sept. 14, 2020 amid smoke from U.S. forest fires. Harness Racing B.C. announced it’s halting the spring season two weeks early because of a lack of money and says racing won’t continue in September without and influx of cash. (Photo: Malin Jordan)
Harness racing suspended at Fraser Downs

Spring season ends early, 135 workers out of jobs

Delta police are asking for the public’s help in locating 80-year-old Bob Stout, who police believe went missing from his Tsawwassen home between 1 and 8:30 a.m. on Friday, April 16. (Delta Police Department/submitted photos)
UPDATE: Missing senior found safe

Police think Bob Stout, 80, went missing from his Tsawwassen home between 1 to 8:30 a.m. April 16

Rainbow trouts thrashing with life as they’re about to be transferred to the largest lake of their lives, even though it’s pretty small. These rainbows have a blue tinge because they matched the blue of their hatchery pen, but soon they’ll take on the green-browns of their new home at Lookout Lake. (Zoe Ducklow/News Staff)
VIDEO: B.C. lake stocked with hatchery trout to delight of a seniors fishing club

The Cherish Trout Scouts made plans to come back fishing soon

Former Pitt Meadows city councillor David Murray was convicted of sex assault, and is now being sued by the victim. (files)
Former Pitt Meadows city councillor sued for sex assault

David Murray was convicted in 2017 of sexually assaulting a teen 25 years earlier

Vancouver Police Const. Deepak Sood is under review by the Independent Investigations Office of B.C. after being recorded making comments to a DTES harm reduction advocate Sunday, April 11. (Sarah Blyth/Screen grab)
VIDEO: Police officer convicted of uttering threats under B.C. watchdog review again

Const. Deepak Sood was recorded Sunday saying ‘I’ll smack you’ and ‘go back to selling drugs’ to civilian Sarah Blyth

Provincial health officer Dr. Bonnie Henry prepares a daily update on the coronavirus pandemic, April 21, 2020. (B.C. Government)
B.C.’s COVID-19 infection rate persists, 1,005 new cases Friday

Hospitalization up to 425, six more virus-related deaths

The Nautical Dog Cafe at Skaha marina is getting its patio ready in hopes Mother Nature will provide where provincial restrictions have taken away indoor dining. (Facebook)
‘A lot of instability’: B.C. restaurants in layoff limbo

As COVID-19 cases stay high, restaurants in British Columbia are closed to indoor dining

Prime Minister Justin Trudeau looks on as Deputy Prime Minister and Finance Minister Chrystia Freeland responds to a question during a news conference on Parliament Hill in Ottawa, Tuesday, Aug. 18, 2020. THE CANADIAN PRESS/Adrian Wyld
Expectations high as Trudeau Liberals get ready to unveil first pandemic budget

The Liberals will look to thread an economic needle with Monday’s budget

Since April 4, 38 flights with COVID-19 cases have departed from Vancouver International Airport, while 23 arrived. (Phil McLachlan/Capital News)
Vancouver the largest source of domestic flights with COVID-19 cases: data

This month alone, 38 flights with COVID-19 cases have departed from Vancouver International Airport, while 23 arrived

John Furlong, Own The Podium board chairman and former CEO of the Vancouver Olympics, addresses a Vancouver Board of Trade luncheon in Vancouver, B.C., on Wednesday November 25, 2015.THE CANADIAN PRESS/Darryl Dyck
John Furlong presents 2030 Winter Games vision to Vancouver Board of Trade

Vancouver and Whistler would remain among host sites because of 2010 sport venues still operational

Photo by Metro Creative Connection
New campgrounds coming to B.C. parks as part of $83M provincial boost

This season alone, 185 campsites are being added to provincial parks, says Minister of Environment and Climate Change

Most Read