Le Lézard
Classified in: Business, Covid-19 virus
Subjects: ECO, AVO, CPG, MRR

Report: BC's fiscal future depends on investing in the drivers of the 21st century economy


VANCOUVER, BC, January 10, 2022 /CNW/ - With British Columbia facing a number of economic challenges, including Covid-19, as well as the global opportunity of the clean economic transition, a new report from the BC Tech Association (BC Tech) surveys the trends of BC's government revenues over the last 20 years.

Titled A New Economic Narrative for BC: BC's Fiscal Future, the report highlights the central importance of individual tax revenues and the declining importance of natural resources to the province's revenue base and recommends three policy priorities for government's forthcoming economic plan.  

"The BC government faces many demands on its limited fiscal capacity, and our ability to deliver needed investments in education, healthcare, childcare and infrastructure are at risk over the medium-term if we don't adjust our priorities to the drivers of the 21st century economy," said Jill Tipping, President and CEO of BC Tech. "The central importance of individuals to BC's revenue base means that for government to sustain its own revenues it must support and invest in sectors like the tech sector that have the capacity to create many more well-paying jobs."  

The report identifies five key features that define BC's financial situation today:

"This report reminds us that we must modernize our current industries and pursue new ones to build a successful economy in the 21st century," said Merran Smith, Executive Director, Clean Energy Canada. "We must lean into the clean economic transition taking place globally, which presents massive opportunities to B.C. By integrating the CleanBC climate plan with an ambitious economic plan that prioritizes industries for long-term growth, B.C. can build a prosperous and truly sustainable economy."

To drive business development and economic growth today, "we need to prioritize investment in the skills and training needed to thrive in the knowledge-based economy," said Tipping. "We need to equip as many people as possible with the skills and training needed to realize the full potential of our talent pool, and we need to properly quantify the economic windfall this investment would deliver."

The report recommends three priority policy areas for the BC government to strengthen BC's fiscal future:

  1. Invest in sectors with growth potential, that provide high levels of employment and well-paying jobs;
  2. Prioritize education and skills training to drive growth in the knowledge-based economy;    
  3. Capture better data to drive decision-making.    

"We must acknowledge that BC's economy has changed and is continuing to change at a rapid pace, and that we cannot afford to chase the ghosts of economies past," said Tipping. "The BC government needs to be planning ahead, ensuring that revenues come from reliable, sustainable sources that are projected to grow as the global economy transitions."

A copy of A New Economic Narrative for B.C.: BC's Fiscal Future is available here.

Media Contact

Kathleen Reid

T: 604-724-1242

E: [email protected]

About the BC Tech Association

BC Tech is the largest member-led technology non-profit in British Columbia, and is dedicated to turning startups into scaleups. BC Tech accelerates tech company growth by helping members expand and diversify their talent pools, acquire new customers, and access capital. Tech is a key industry for B.C.'s future and builds resiliency in every sector. Today, every company is a tech company.

SOURCE BC Tech Association


These press releases may also interest you

at 01:05
Meiji Seika Pharma Co., Ltd. (Headquarters: Tokyo, Japan, President and Representative Director: Daikichiro Kobayashi; hereinafter referred to as "Meiji Seika Pharma") today announced its investment in ARCALIS, Inc. (Headquarters: Minami-soma City,...

13 nov 2024
FS KKR Capital Corp. announced that it has priced an underwritten public offering of $600 million in aggregate principal amount of its 6.125% unsecured notes due 2030 (the "Notes"). The Notes will mature on January 15, 2030 and may be redeemed in...

13 nov 2024
Prime Mining Corp. ("Prime", or the "Company") (TSV: PRYM) is pleased to report its operating and financial results for the quarter ended September 30, 2024. Prime is focused on the exploration and development of its wholly owned high-grade Los...

13 nov 2024
Gilead Sciences, Inc. , a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, today announced the pricing of senior unsecured notes in an aggregate principal amount of $3.5 billion, in an...

13 nov 2024
Abpro Corporation, a biotechnology company with the mission of improving the lives of those facing severe and life-threatening diseases with next-generation antibody therapies, and Atlantic Coastal Acquisition Corp. II, a special purpose acquisition...

13 nov 2024
ADENTRA Inc. ("ADENTRA" or the "Company") today announced financial results for the three and nine months ended September 30, 2024. ADENTRA is one of North America's largest distributors of architectural building products to the residential, repair...



News published on and distributed by: