The Conference Board of Canada is predicting BC will lead the country in economic growth this year. The non-profit think-tank says BC’s economy will expand by 3%, following up growth of 2.8% last year.
“The lower Canadian Dollar is one of the factors, as well as the much stronger US economy.” Conference Board Associate Director Marie Bernard said.
She says that exporting industries are benefiting from the growth south of the border and that transporting sectors will perform “particularly well in this environment”.
While the falling price of oil is putting the provinces of Alberta and Newfoundland into recession, the lower prices at the pump means consumers will have more money in their pockets in BC.
The board has held off on predicting that any LNG investment will come through in BC, saying they waiting to see Petronas’s decision slated for later in the year.
Nationally, growth is expected to hit 1.9% while Manitoba and Ontario will see growth numbers similar to BC at 2.8% and 2.9% respectively.
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