Wednesday April 21st, 2010 - B.C. Looks for Economic Recovery

In 2009, leading economists and commentators gave B.C. two years before potentially seeing the beginning of an economic recovery. While this leaves B.C. with one more year, other professionals like Michael Levy, business commentator of Border Gold Group Corp., believes that a recovery could be another four years away.

Professionals have dismissed the idea that the current situation is similar to the Great Depression in the 1930s, saying it is most comparable to recessions in the 1970s and 1980s. Despite disagreements about B.C.’s economic state, most agree that with no clear end to stock and housing market declines, businesses and investors may want to reconsider their participation.

The recession is expected to begin recovering with small changes in 2010 but Canada West Foundation’s B.C. Office Director Roslyn Kunin says that businesses need to watch their costs. She suggests they focus on services and goods people continually pay for during recessions, such as food, in order to make it through a tough period.

George Weston founded the largest food retailing operation in Canada during the Great Depression.

But in more positive news, Jock Finlayson, Executive Vice-President of the Business Council of B.C., points out that rates for business borrowers will decrease. Additionally, people are talking more about liquidity appearing in the market. Fear and worry about the unknown are slowly dissipating, and that could be those small indicators of a recovering market.

Blog Home - Homes In Burnaby