The Economy = Your Money

BC’s economy is slowing, along with economies around the world.   

 

• For our next conversation June 20 we have pulled together a panel of individuals with robust insights into the provincial, national, and global economies. Jock Finlayson – Senior Policy Advisor at the Business Council of BC
• Murray Leith – EVP & Director of Investment Research at Odlum Brown
• Christine Bergeron - President & CEO of VanCity
• Katrine Conroy – BC Minister of Finance
• Walter Pela – GVA Regional Managing Partner at KPMG

A recent BC Business Council survey of major employers found they expect slower growth and sales over the next year, and are cooling economic investment plans. Hiring plans, however, remain ‘robust.’ While we’re not in a recession, according to the numbers, most firms surveyed believe it’s likely to happen this year.  

 

Late last year BC released an economic forecast following a meeting with the 13-member Economic Forecast Council. At that time the group anticipated growth of just 0.4 per cent in BC through 2023. 

 

Since that report was released the Bank of Canada has raised the core interest rate just once, to 4.50 per cent, following a series of hikes through 2021 and ’22 meant to curb rapidly-rising inflation. Rising interest rates and inflation are putting very real pressure on many British Columbians, especially those struggling to afford increasingly-expensive groceries or with large variable-rate mortgages that have become far more expensive. 

 

Despite this BC’s diversified economy, with growth industries such as life sciences and technology, position the province to weather this economic storm even as more traditional sectors such as forestry struggle. 

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