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Economic forecast bright, Conference Board says

10/21/2020

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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."

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  • Membership
    • Why Join?
    • Job Board
    • Member to Member Offers
    • Benefits, Discounts & Savings >
      • Chamber Store
    • Chamber Local
    • 1863 Impact Award
    • Questions & Answers
    • Join Now
    • Member Login
  • Member Directory
  • Events
    • Signature Events >
      • Annual Auction
      • Business Awards
      • Business Hall of Fame
      • Business Leaders Series
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Event Photos 2023
    • Sponsorship
  • News & Advocacy
    • Weekly BizNews >
      • BizNews Articles
    • Advocacy / Wins for Business >
      • Advocacy Wins
      • Business Property Taxes
      • Advocacy Priorities
    • Chamber Chats
    • In the News >
      • Published Op-Eds
      • Media Releases
    • Non-market housing
    • Find and keep workers
    • Business Matters Magazine
    • COVID-19
  • The Chamber 1863
    • 1863-Indigenous
    • 1863-Early Chamber
    • 1863-History Events
    • 1863-Booms and Busts
    • 1863-Members & Communities
    • 1863-Women, people and organizations
    • 1863-Committees
    • 1863-Chairs and Chair Businesses
  • About Us
    • Emerge >
      • Emerge Events
      • Emerge Mentorship
      • Emerge Connect
    • Staff Directory
    • Board & Governance >
      • Governors
      • By-Laws, Plans & Reports
      • Committees
    • Chamber History
    • Partners & Sponsors
    • About Victoria >
      • Starting a Business
      • Moving Here
      • Visiting Victoria, BC
    • Contact Us