B.C. government set to provide financial update on impact of coronavirus

[Sheba]

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The B.C. government will provide a financial update on July 14 as the province grapples with the economic impact of the COVID-19 crisis.

Finance Minister Carole James told reporters on Monday the province wants to wait until July to give an update in order to get another month of job and financial numbers.

“There is no question COVID-19 has had a huge impact on the budget and a huge impact on the economy in British Columbia,” James said. “There is no question we have been hit in every sector.”

The provincial budget tabled in February projected a surplus of $227 million in 2020-21, $179 million in 2021-22 and $374 million in 2022-23.

Those surpluses have been wiped out by the COVID-19 pandemic with no clear picture of how badly the province’s bottom line has been impacted.

The province has earmarked $5 billion for COVID-19 relief, including $1.5 billion for economic recovery.

Government ministers will still be expected to provide budget estimates as part of the new-look B.C. legislature.

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“As the shutdown is lifted, employment will rebound significantly,” BCBC Chief Economist and Vice President Ken Peacock said.

“But the process will be uneven and slow. Many businesses will not reopen, while others will pivot toward digital business models with more automation, and we expect that tens of thousands of jobs will be permanently lost. The recovery will be furthered hampered by partial reopenings, physical distancing rules that reduce demand and raise operating costs, and probable changes in consumer preferences and behaviour.”

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Global News