Economic experts have announced that they are expecting 2024 to be a slow year for growth in BC and across the rest of Canada due to high interest rates.
Over the past couple years, the Bank of Canada has been unprecedentedly and aggressively increasing interest rates to drive inflation downward.
At one point, the national inflation rate reached over 9% in 2022 and now, that rate has been calmed to 3.1%.
As economists look toward the next year, they predict that if inflation can continue to be calmed, around mid-2024, BC may see growth as interest rates come down.
On Monday, December 4th, BC Finance Minister Katrine Conroy met with the Economic Forecast Council (EFC), an independent, private-sector group who provide advice on how to prepare for the next year’s budget.
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“BC is well positioned to continue to support people through the challenges ahead, with a diverse economy and prudent fiscal planning,” said Conroy.
The Province had previously announced last week that their focus heading into 2024 will be to continue with housing endeavours and helping British Columbians with affordability.
“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.”
Currently, the EFC told Conroy they anticipate the gross domestic product in BC will grow by 0.9% in 2023, 0.5% in 2024 and 2.2% in 2025.
The Province will use this info going forward as it prepares the next provincial budget, which will be released February 22nd, 2024.
