Surprisingly to many, the global economy is experiencing a robust recovery from its COVID-19-induced downturn, a positive trend throughout Canada but especially in British Columbia, says Scotiabank’s chief economist.
From the fiscal support package offered to Canadians in the early stages of the pandemic to a rise in equity and housing markets, Canada continues to defy the odds and BC continues to be a positive player in the nation’s recovery, Jean-François Perrault, Scotiabank’s Senior Vice-President and Chief Economist, wrote in a piece for Business in Vancouver.
“Business confidence is also on the rise, with the Canadian Federation of Independent Business’ business barometer for BC near the peak levels seen over the 2016-18 period,” he wrote. “Firm creation has been rapid, and there are now more businesses operating in BC than existed pre-pandemic.”
There are still too many Canadians who have been negatively affected, leaving them with a heavy reliance on the country’s ongoing fight against COVID-19, said Perrault. However, there is confidence that better days are ahead for the economy and overall public wellbeing. Perrault says businesses that are able to focus on the future of this inevitable recovery rather than current pandemic challenges will find themselves in an advantageous position.
“We are in the early months of what appears to be a nearly unprecedented two-year period of growth,” he said.
Read the full story on Business in Vancouver here.