British Columbia91Ƶs finance minister says she expects uncertainty and instability over the four years of Donald Trump91Ƶs U.S. presidency, but private-sector forecasters have indicated the province is in a good position to meet the challenges of Trump91Ƶs promised tariffs on Canadian goods.
Brenda Bailey says in a statement that the Economic Forecast Council for B.C. has indicated the uncertainty of 91Ƶthreats from the south91Ƶ may make the budget process more challenging than usual.
But she says the council tells her the diversity of B.C.91Ƶs economy makes it 91Ƶwell-positioned91Ƶ to attract new investment and development opportunities.
The council consisting of 13 independent forecasters from across Canada has held its annual meeting with Bailey, and the Ministry of Finance statement says B.C.91Ƶs outlook is affected by global and domestic forces, including federal immigration targets.
Still, the statement says the forecasters 91Ƶreaffirmed that in the absence of tariffs, they had expected steady economic growth for B.C.91Ƶ
It says the council estimates that real GDP in B.C. grew by 1.2 per cent last year, higher than the province91Ƶs projection in the fall 2024 economic update.
The council indicated a diverse export network and resource-rich environment give B.C. an advantage over other provinces, and some members were 91Ƶencouraged91Ƶ by the province91Ƶs work to address housing supply, affordability and skills training, the statement says.
In early January, it says the council forecasted real GPD growth of 1.9 per cent in 2025 and steady growth of two per cent annually on average through 2029, although the projections do not fully reflect the impact of potential U.S. tariffs.
The council will have an opportunity to revise its forecasts before B.C. is set to release its provincial budget on March 4, it adds.