How is the impact of COVID-19 to the economy of British Columbia? - April 2020
As a result of COVID-19, the OECD cut baseline global Gorth outlook by 0.5% to 2.4%, but the worst-case scenario of 1.5% is likely. Global growth will return-interruptions in current supply and inventory depletion will drive a backfill in activity.
BC's growth to drop to 0.6% with a sharp slowdown in Q2 due to:
Social Distancing Measures
Mandated closures of Schools and other Venues
Annual Employment declines 0.9% in 2020 with a 1.6% rebound in 2021.
Unemployment climbs modestly to 5.3% as active workforce also falls back.
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