A “sluggish” economy for British Columbia in 2023, according to forecasts
Growth is expected to slow in British Columbia, according to TD Bank forecasts. (File photo)
British Columbia's economic growth will be anemic for the next two years, according to TD Bank forecasts, ending the province's strong economic performance.
Economic growth, which was 3.1% last year, will decline to 0.6% in 2023 and only reach 0.2% in 2024, according to TD Bank forecast.
According to the financial institution, high interest rates will have consequences on the purchasing power and consumption of British Columbian households, which are on average the most indebted in Canada.
In addition, the bank predicts that interest rates will continue to weigh on the real estate market.
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On the other hand, this drop in growth should help reduce pressure on the labor market, which is caught in a vice, and relieve inflationary pressures, from the ;TD Bank Opinion.
The export sector should also get a boost when the first liquefied natural gas (LNG) plant in Kitimat goes live. jerk off, by 2025.