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Forecast predicts sharp drop in B.C., national economies before rebound

Last Updated Apr 29, 2020 at 3:46 pm PDT

Central 1 Credit Union expects the B.C. economy will shrink by 7.3 per cent this year, (Courtesy Central 1, Twitter)
Summary

Central 1 Credit Union is calling for gross domestic product to fall by 7.3 per cent

Economist Bryan Yu expects a rebound of 5.1 per cent next year

Outlook is for an eight per cent GDP decrease this year

VANCOUVER (NEWS 1130) — The pandemic is predicted to take a bigger bite out of B.C.’s economy than the recession of the early 1980s.

Central 1 Credit Union is calling for gross domestic product to fall by 7.3 per cent this year, although deputy chief economist Bryan Yu also expects a rebound of 5.1 per cent next year.

His national outlook is for an eight per cent GDP decrease this year, but a plunge of 40 per cent annualized in this quarter.