B.C.’s government is monitoring the current economic situation in the United States and Europe “very carefully,” but remains committed to a balanced budget in 2013-2014, according to Pat Bell, minister of jobs, innovation and tourism.
Bell issued a statement after markets plunged yesterday, in the wake of Standard &Poor’s credit downgrade of the United States. (See “TSX, U.S. stock markets continue dive” – BIV Business Today, August 8.)
“While B.C. is not immune to economic events abroad, B.C. has weathered the recession of 2008-2009 better than most other provinces in Canada,” he said, pointing to gains the province has made by diversifying its economy and identifying new trade markets such as China and India.
He said he expects B.C.’s competitiveness to stand the province in good stead going forward, as the United States and other countries deal with balance sheet problems.
“While global issues can have an impact on our economy, we remain committed to the objective of a balance budget in 2013-2014,” he said.
“Our credit rating remains at AAA, economic growth has continued during this time and our debt continues to be at a manageable level.”
Jenny Wagler
Twitter: JennyWagler_BIV