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.
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.