Economic forecast bright, Conference Board says
Greater Victoria’s economy will bounce forward significantly starting next year, says a new report by the Conference Board of Canada.
Our region is the only major city in Canada that the Conference Board expects will post a gain in retail sales in 2020. Retail sales fell 3.5% in the second quarter but have since rebounded. The forecast is for 2.7% increase this year despite the pandemic. Next year looks even better as the forecast is for growth of 6.9%.
It’s not an entirely rosy picture, as the Conference Board says it will take years for Canada to shrug off the 11.5% contraction that the economy suffered as a result of shutting down in the second quarter. Governments also face difficult decisions in the years ahead as they will need to rein in spending.
“No one has a crystal ball, but The Chamber is encouraged by the detailed forecast offered by the Conference Board of Canada,” Chamber CEO Bruce Williams says. “Our region was thriving before COVID-19, and we know the fundamentals remain in place for us to create an even more resilient economy in the next few years.”
Our region is the only major city in Canada that the Conference Board expects will post a gain in retail sales in 2020. Retail sales fell 3.5% in the second quarter but have since rebounded. The forecast is for 2.7% increase this year despite the pandemic. Next year looks even better as the forecast is for growth of 6.9%.
It’s not an entirely rosy picture, as the Conference Board says it will take years for Canada to shrug off the 11.5% contraction that the economy suffered as a result of shutting down in the second quarter. Governments also face difficult decisions in the years ahead as they will need to rein in spending.
“No one has a crystal ball, but The Chamber is encouraged by the detailed forecast offered by the Conference Board of Canada,” Chamber CEO Bruce Williams says. “Our region was thriving before COVID-19, and we know the fundamentals remain in place for us to create an even more resilient economy in the next few years.”
