James resolute about government’s $1.5 billion cushion to aid COVID-19 recovery
The British Columbia government is counting on its $1.5-billion economic recovery fund to get the province through the turmoil of the COVID-19 pandemic, says Finance Minister Carole James.
James says she knows people are hurting as their finances are battered by the novel coronavirus, evident by the 16,000 people who applied for B.C.’s $1,000 tax-free emergency benefit in the first 45 minutes of the program going online on Friday.
“We all know that many British Columbians have lost their jobs or have had their ability to be able to work severely affected by COVID-19,” James said at a news conference. “Businesses, large and small, are also struggling, wondering what the future is going to bring for their business or their industry.”
Recent economic data from Central 1 Credit Union forecasts B.C.’s economy to plummet 7.3 per cent in 2020, eclipsing the depths reached during the recession in the early 1980s. Central 1 also forecasts a rebound of 5.1 per cent in 2021, but some key provincial industries, including tourism, will continue to flounder.