BC’s economic growth to be modest, but still stronger than rest of Canada: credit unions

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VANCOUVER (NEWS 1130) – BC’s economic growth will be “modest” this year but more than twice as strong as the national average, according to Central 1 Credit Union.

The umbrella group for credit unions forecasts expansion of 2.7 per cent this year in BC compared with 1.2 per cent nationally.

Senior economist Bryan Yu says “southern BC and Vancouver will benefit most from an anticipated rotation towards export-oriented goods and services sectors.” He expects the low dollar and a rising US economy will benefit BC’s manufacturing, tourism, TV and film and agriculture sectors. On top of that, Yu says “the low interest rate environment continues to help lift the housing market.”

But he also predicts “disappointing global growth, particularly out of China, will put pressure on” in northern BC and the Kootenay.

And while the oil price collapse slams Alberta, Yu says low crude prices are “generally positive for BC through lower costs for businesses and consumers. However he adds that job losses among BC residents who work in the oil sands are a risk for some regions, including the Thompson-Okanagan and Kootenay.

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