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Slump in US Hosuing market helps drag B.C. economy to new low
VANCOUVER -- British Columbia`s economy is sputtering as the U.S. housing crisis continues to undermine exports, driving down growth this year to its lowest levels since the Liberals took power in 2001, according to estimates issued yesterday. That anemic growth will continue into 2009, leaving the Liberals facing voters with a weakened economy and a faltering housing market in the provincial election set for May.
The forecast from Central 1 Credit Union points to a dramatic deceleration this year, with the B.C. economy growing by just 1.5 per cent, said chief economist Helmut Pastrick.
That is less than half the rate of expansion in 2007. Next year is predicted to be much the same story, with growth rising only slightly to 1.8 per cent.
http://www.theglobeandmail.com/servlet/sto...PStory/National
VANCOUVER -- British Columbia`s economy is sputtering as the U.S. housing crisis continues to undermine exports, driving down growth this year to its lowest levels since the Liberals took power in 2001, according to estimates issued yesterday. That anemic growth will continue into 2009, leaving the Liberals facing voters with a weakened economy and a faltering housing market in the provincial election set for May.
The forecast from Central 1 Credit Union points to a dramatic deceleration this year, with the B.C. economy growing by just 1.5 per cent, said chief economist Helmut Pastrick.
That is less than half the rate of expansion in 2007. Next year is predicted to be much the same story, with growth rising only slightly to 1.8 per cent.
http://www.theglobeandmail.com/servlet/sto...PStory/National