Service sector key to recovery: Conference Board

Greater Victoria’s economy will grow by 2.6% in 2022 and 1.8% in 2023, but inflation won’t return to “normal” until 2024, according to the Conference Board of Canada.

The latest Major City Insights report offers forecasts for 13 cities across the country.

The board says our region’s service industries will continue to be key drivers of the economy, with recovery continuing in the hospitality, entertainment and accommodation sectors.

Employers can also expect to face ongoing pressure to increase wages as Greater Victoria’s Consumer Price Index rises to 7.6% this year before dropping to 4% next year and 2.3% the year after.