2024 BC NDP budget forecasts record $7.9B deficit, 1.9% of GDP, with no plan to return to fiscal balance.
The NDP government's 2024 budget in British Columbia features record operating deficits and surging debt loads, with no plan mentioned to return to fiscal balance or narrow the deficit. The budget moves BC towards structural operating deficits, potentially affecting future debt management and its credit rating. BC predicts a record $7.9 billion deficit in 2024-25, equivalent to 1.9% of GDP, despite low unemployment rates and elevated inflation. This fiscal approach is seen as fiscally imprudent and ill-timed by economists, who warn it may cause businesses to view BC with caution.
March 18, 2024
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