In a new report out on Wednesday, one of the world’s largest accounting firms is projecting sluggish growth and even more economic uncertainty for the Canadian economy through 2026, and B.C. will fare worse than other provinces.
The Deloitte Report is forecasting 1.6 per cent growth for the B.C. economy, lagging behind Alberta and Saskatchewan, which are both forecast to grow higher than two per cent.
The sluggishness is being blamed on the ongoing challenges facing the forestry industry and B.C.’s aluminum producers in the northwest, as those industries are among the hardest hit by U.S. tariffs.
Deloitte is also warning of more trade uncertainty.
“Aluminum, forestry (are) exports that are definitely being very badly impacted by these tariffs,” Dawn Desjardins, Deloitte’s chief economist, said.
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“And it certainly is causing disruption within the B.C. economy, weighing on the pace of growth.”
Deloitte says that major projects could spur B.C.’s economic growth.
In November, B.C. Premier Daivd Eby shared a new 10-year economic strategy that embraces speeding up the building of major projects.
The plan, called Look West, aims to address the challenges brought on by the U.S. tariffs, according to the government, and strengthen the economy while speeding up and diversifying key sectors.
The plan states that by 2032, B.C. will have three new natural gas projects, four new or expanded mines in operation and eight new renewable energy projects operational.
The federal government also announced earlier this year that it plans to fast-track four major B.C. projects, including phase two of LNG Canada and the Ksi Lisims LNG export terminal.
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