B.C.'s declining finances are painting a grim picture for the future if spending and borrowing guides are not exercised.
Unless economic growth improves, this situation could lead to significant tax increases and a reduction in spending to stabilize the economy, according to the report. The projected deficit represents 2.1 per cent of the GDP, greater than the 2020-21 period during the pandemic, where the deficit sat at 1.8 per cent of the GDP.
S&P Global has downgraded the province's credit rating three times in the last three years, now labelling the provincial government's bonds as "AA-" with a negative outlook.
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