Top economist forecasts gloomy time for B.C.
Royal Bank of Canada's chief economist Craig Wright has grim news for the province's economy over the next 18 months.
He says judging by several key sectors of the domestic economy, B.C.'s economic growth will skid to a mere 1.2 per cent over the rest of this year.
He predicts it will claw back to a meager 2.1 per cent increase in 2009.
Wright points to the province's tumbling housing market, saying if it's a sign of the economic times, B.C.'s troubles have already arrived.
But not everyone is forecasting doom and gloom for the West.
Provincial Finance Minister Colin Hansen is finding the silver lining in the financial gloom hanging over B.C.
He says a falling dollar makes the province's mining and forestry sectors more competitive.
Compared to the U.S. dollar, the Loonie was valued at a fraction over 90 cents Wednesday morning.
Hansen agrees financial turmoil on the world markets will buffet B.C. but insists the province is ready to weather the worst of the storm.
With a report from The Canadian Press