This week, the provincial government released its 2015/16 Second Quarterly Report: an update on where provincial finances are at six months into the fiscal year and where the economy is heading.
The news is not very good.
B.C.'s economy is expected to do better than other provinces this year, but that's largely because of weakness elsewhere (especially in resource-dependent provinces like Alberta). Private sector forecasters have lowered their projections for this year's economic growth in B.C. to 2.2 per cent (from 2.7 per cent this time last year). Projections for next year are more optimistic (2.6 per cent) but they should be taken with a grain of salt, given the record of overly optimistic forecasts in the last few years.
1. No recovery
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