B.C. forecasts $13.6 billion deficit; economy to grow three per cent next year
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VICTORIA – British Columbia’s deficit forecast has grown and the budget shortfall is now expected to hit $13.6 billion in this fiscal year.
The government predicted in September that the province would end the year with a $12.8 billion deficit.
In February, the government projected a budget surplus of $227 million for 2020-21 but that was before the impact of the COVID-19 pandemic.
The Ministry of Finance predicts B.C.’s economy will decline by 6.2 per cent this year, but growth is expected to rebound to three per cent next year.
The ministry says the pandemic has created uncertainty over the economy.
Documents released today show that more than $10 billion has been spent by B.C. on measures related to COVID-19 including almost $2 billion in pandemic relief funds.
