With economic reckoning ahead due to the pandemic, B.C. is beginning its next phase of reopening
Finance Minister Carole James, seen here in B.C. Legislature on July 18, 2019, introduced the Economic Stabilization Act on Wednesday.The B.C. government has abandoned its balanced budget law for the next three years, laying out the long runway for economic recovery amid the COVID-19 pandemic.
“I’m confident British Columbians are prepared and ready to act responsibly,” Mr. Horgan said. “This is an extraordinary summer that will require a continued effort by all B.C.-ers to respect your neighbours, respect the communities you’re going to.” “I can tell you that it is a hole and it’s a big one. And it is shared by every province in the country, every state in the union below us, and nations around the world,” the Premier said. “It has been catastrophic for the economy.”
DBRS Morningstar predicts B.C. can weather the downturn owing to its “underlying strength and diversity of the province’s economy and disciplined fiscal policy and management practices, which enabled B.C. to enter this downturn with considerable fiscal flexibility and a strong balance sheet.” The agency projects a deficit of $9.5-billion this year.
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