The Provinces second quarterly results confirm B.C.s economy is strong and sustainable, with continued resiliency against global uncertainty and long-term planning that invests in people.rrLearn more: https://news.gov.bc.ca/releases/2019FIN0122-002277
VICTORIA, BC: The Province’s second quarterly results confirm B.C.’s economy is strong and sustainable, with continued resiliency against global uncertainty and long-term planning that invests in people.
“Our government continues to show that investing in people while being strong fiscal managers is not only possible, it is fundamental to building a resilient economy,” said Carole James, Minister of Finance. “With careful planning and foresight built into every stage of our fiscal plan, B.C. is well prepared to weather the global storm, while delivering on our commitments to make life better for people.”
British Columbia continues to lead Canada as the only province with a triple-A credit rating from the three major international rating agencies. The Province remains an economic leader, with the lowest unemployment rate in the country, continued wage growth, among the lowest debt-to-GDP ratios for all provinces and a balanced budget that includes historic investments in child care, housing and infrastructure.
“Thanks to responsible, long-term fiscal management, our economy is resilient,” James said. “We are eliminating medical service plan premiums to deliver the largest middle-class tax cut in a generation, along with transformative investments in child care and housing, and building a greener future.”
The second quarter update maintains the government’s $500-million forecast allowance and increases contingency funding to $550 million to mitigate against potential risks to the budget, including ICBC and the forest sector.