B.C.’s ongoing recovery to persist through 2021 and beyond, slow growth scenario expected

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FORT ST. JOHN, B.C. – Central 1’s Deputy Cheif Economist Bryan Yu released the latest B.C. Economic Analysis for 2020-2023.

In the Economic Analysis, Yu highlights that B.C.’s economy is to contract by 6.1 percent in 2020 with a recovery trend lifting growth to 4.0 percent in 2021.

When it comes to economic and employment recovery from the COVID-19 pandemic, Yu says ongoing recovery is set to persist through 2021 and beyond, aided by major construction projects such as the LNG Canada project and the Site C Dam which were initiated prior to the pandemic, but will remain below pre-pandemic levels into 2022.

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The province has been able to recoup more than half of the 400,000 jobs lost from February through April but the unemployment rate is sitting near 11 percent compared to 5 percent in February.

The full B.C. Economic Analysis for 2020-2023 can be found on Central 1’s website.

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