B.C.’s economy remains resilient amid global uncertainty and is expected to outperform the country with steady growth over the forecast horizon, according to the Economic Forecast Council.
“From day one, we chose to invest in the people who power our province. Today, we’re seeing the results of those decisions as the Economic Forecast Council reaffirms its expectation that B.C.’s economy will outperform the country, despite global headwinds,” said Carole James, Minister of Finance. “A resilient economy means British Columbia is well prepared to respond to global trade challenges, while continuing to deliver landmark investments in people and services.”
The council predicts that B.C. real gross domestic product (GDP) will grow by 2% in 2019, 2.4% in 2020 and 2.2% in 2021.
British Columbia currently has the lowest unemployment rate in the country and is the only province in Canada with a triple-A credit rating from the three major international rating agencies. B.C. has retained its position atop the national leaderboard, with strongest employment growth year-to-date to November.
The Economic Forecast Council includes some of Canada’s most respected independent forecasters who meet annually with the minister of finance to offer economic advice in advance of each year’s budget and fiscal plan. The council will provide an updated economic forecast with the release of Budget 2020.
The Ministry of Finance’s First Quarterly Report, released on Sept. 10, 2019, forecast B.C. real GDP growth of 1.7% for 2019 and 1.9% for 2020.
The Economic Forecast Council projects Canadian real GDP growth of 1.5% for 2019 (versus 2% for B.C.), 1.7% for 2020 (versus 2.4% for B.C.) and 1.8% for 2021 (versus 2.2% for B.C.)
British Columbia led all provinces by having the lowest unemployment rate for two years — one of the longest periods in more than a decade.