Private-sector forecasters in British Columbia say they agree with the provincial government’s recent projection of slow economic growth for the province next year. Minister of Finance Katrine Conroy looks on as she answers questions during a press conference in Victoria, Wednesday, Aug. 30, 2023. THE CANADIAN PRESS/Chad Hipolito

Private-sector forecasters in British Columbia say they agree with the government’s recent projection that economic growth will slow next year.

The Economic Forecast Council, an independent 13-member group, met Finance Minister Katrine Conroy on Monday and told her they foresee 0.5-per-cent growth in 2024, slightly below Conroy’s recent forecast of 0.7 per cent.

B.C. finance ministers traditionally meet annually with the forecast council ahead of the introduction of the government’s budget, set for Feb. 22.

Conroy last week said slowing global economies and inflation in Canada were contributing to her downgraded economic growth prediction.

The Ministry of Finance says in a statement most forecast council members said the impact of past Bank of Canada interest rate hikes haven’t be fully felt and housing affordability and supply remain challenges.

Opposition BC United finance critic Peter Milobar, who attended the forecast council’s meetings, says he heard concerns about a lack of future development, now that major projects including oil and gas pipelines, the Kitimat liquefied natural gas terminal and the Site C dam are nearing completion.

“Despite (increased) immigration masking a lot of structural problems with our economy and not making it look like a recession, in people’s households they are very much feeling like it’s a recession,” he said at a news conference.

Conroy last week said B.C.’s economy is projected to grow by about one per cent this year, a dip from the forecast in September of 1.2-per-cent growth.

This report by The Canadian Press was first published Dec. 4, 2023.

News from © The Canadian Press, 2023. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 0076 Latus only
    0076 Latus only
  • 0073 SaskWorks-Pipeline Online
    0073 SaskWorks-Pipeline Online
  • 0067 PFM SaskWorks Payroll Investment Plan
    0067 PFM SaskWorks Payroll Investment Plan
  • 0066 WBPC Promo video 30 seconds
    0066 WBPC Promo video 30 seconds
  • 0064 Estevan OTS
    0064 Estevan OTS
  • 0063 Turnbull Excavating hiring crusher
    0063 Turnbull Excavating hiring crusher
  • 0062 TED_EPAC_Technology_30
    0062 TED_EPAC_Technology_30
  • 0061 SIMSA 2024 For Sask Buy Sask
    0061 SIMSA 2024 For Sask Buy Sask
  • 0058 Royal Helium Steveville opens anonymous rocket
    0058 Royal Helium Steveville opens anonymous rocket
  • 0055 Smart Power Be Smart with your Power office
    0055 Smart Power Be Smart with your Power office
  • 0052 Predator Inspections
    0052 Predator Inspections
  • 0051 JML Hiring Pumpjack assembly
    0051 JML Hiring Pumpjack assembly
  • 0049 Scotsburn Dental soft guitar
    0049 Scotsburn Dental soft guitar
  • 0046 City of Estevan This is Estevan
    0046 City of Estevan This is Estevan
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0032 IWS Summer hiring rock trailer music
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0018 IWS Hiring Royal Summer
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0002 gilliss casing services
    0002 gilliss casing services
  • 9002 Pipeline Online 30 sec EBEX
    9002 Pipeline Online 30 sec EBEX
  • 9001