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B.C.`s real GDP is forecast to shrink by 1.9 per cent this year as the weakness in the provincial economy continues to spread, according to a forecast released Monday by RBC Economics Research.
But the RBC Economics Provincial Outlook says the worst of the recession has likely passed and predicts a return to growth next year.
"British Columbia`s economic performance has deteriorated significantly since the middle of last year," RBC senior vice-president and chief economist Craig Wright said in a news release.
"Weakness has spread beyond the long-suffering forestry sector into mining, construction and manufacturing.
"The service sector has not been spared either," Wright added, "as transportation and retail trade also have staggered."
The RBC report held out little hope in the near-term for B.C.`s struggling forest sector, dependent on a U.S. home construction industry that has yet to rebound.
Read the full article here.
But the RBC Economics Provincial Outlook says the worst of the recession has likely passed and predicts a return to growth next year.
"British Columbia`s economic performance has deteriorated significantly since the middle of last year," RBC senior vice-president and chief economist Craig Wright said in a news release.
"Weakness has spread beyond the long-suffering forestry sector into mining, construction and manufacturing.
"The service sector has not been spared either," Wright added, "as transportation and retail trade also have staggered."
The RBC report held out little hope in the near-term for B.C.`s struggling forest sector, dependent on a U.S. home construction industry that has yet to rebound.
Read the full article here.