One economist says provinces in Western Canada are likely to benefit from structural economic advantages, raising forecasts for the region’s gross domestic product (GDP).
The downtown skyline is viewed from Cambie Street near City Hall on June 3, 2013 in Vancouver, British Columbia, Canada. Vancouver is a seaport city with close trading ties to Asia and is the most populous city in Western Canada, with nearly 2.3 million residents in the metropolitan area.
The report highlighted that as a retirement wave plays out, participation rates are expected to fall, leaving Western provinces with higher relative levels of participation due to younger populations. “The rapid replenishment of labour supply comes not only from population growth—demographic factors, particularly population aging and migration, are playing an important role in shaping the labour market,” the report said.
Meanwhile, Gu noted that B.C. has raised its economic potential through enhanced labour productivity “driven by increased capital investments in natural gas, utilities and manufacturing sectors, enhancing production capacities.”
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