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B.C. forecasting 'staggering' $12.5B deficit due to COVID-19 pandemic

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  • B.C. forecasting 'staggering' $12.5B deficit due to COVID-19 pandemic

    Source: https://www.cbc.ca/news/canada/briti...y-14-1.5648718

    B.C. forecasting 'staggering' $12.5B deficit due to COVID-19 pandemic
    'This could be the worst downturn experienced in our province in recent history,' says finance minister
    Michelle Ghoussoub for CBC News Posted: Jul 14, 2020 6:42 AM PT | Last Updated: 42 minutes ago

    The British Columbia government is forecasting a $12.5 billion deficit due to the COVID-19 pandemic, five months after the provincial budget featured a marginal surplus.

    Speaking at a news conference on Tuesday, Finance Minister Carole James called the projected scenarios "staggering, but not without hope."

    "This could be the worst downturn experienced in our province in recent history," she said.

    The provincial budget for 2020, tabled just months before the COVID-19 pandemic forced widespread shutdowns, included a $227 million surplus for 2020-21. Now, James said B.C.'s GDP is forecast to decrease by 5.4 per cent for 2020, while Canada's is forecast to decrease by 6.6 per cent...
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