British Columbia: Budget 2023 - Spending Revenue Windfall Again as Recession Looms

Following a large revenue windfall-driven surplus in fiscal year 2022–23 (FY2023), BC’s budget penciled in a larger-than previously anticipated deficit of $4.2B (1.1% of nominal GDP) for FY2024. The province doesn’t anticipate a return to black ink over the forecast period. Economic growth forecasts were downgraded for 2023 and 2024 in expectation of much weaker housing activity and a softer global backdrop.