Economy to Continue Strong Growth in 2005

December 7, 2004

The independent Economic Forecast Council expects British Columbia will continue to enjoy strong economic growth in 2005.

The Economic Forecast Council increased their forecast for British Columbia’s economic growth this year and they expect strong growth to continue in 2005. For 2004, B.C.’s economy is expected to grow by 3.4%, up from the Council’s earlier forecast of 2.9%. The average growth forecast for 2005 is 3.3%.

“Almost four years ago we laid out a plan to revitalize B.C.’s economy and put the dismal 1990s behind us. B.C. is regaining its leadership position, and most of the forecasting experts expect that we'll continue as a growth leader, given the government’s improved fiscal flexibility and our competitive economic policies,” said Finance Minister Gary Collins.

Council members noted B.C.’s broad-based economic performance and robust domestic economy, fuelled by strong job growth, in-migration, business confidence, consumer spending, housing starts, and increased business investment and construction. Domestic demand is expected to strengthen further in 2005 and will help mitigate the impact of a stronger Canadian dollar on B.C.’s export sector.

“We had a good discussion on what policies the government should continue to pursue to keep B.C.’s economy at the front of the pack,” said Collins.

Council members advised government to continue its prudent approach to budget planning and forecasting. They also advised continued investments in transportation infrastructure to take advantage of British Columbia’s strategic location as a gateway to China’s expanding markets.

Issues noted by the council included the rise of the Canadian dollar, oil prices, the softwood lumber dispute, commodity prices, economic growth in the U.S. and Asia, and the impact of rising construction costs on infrastructure development.

The Budget Transparency and Accountability Act requires government to seek the advice of the Economic Forecast Council as part of the annual budget process. The Council is comprised of 13 economic experts from various banks and private sector economic forecasting groups.
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