Article content

B.C. is downgrading its economic projections with revised forecasts of lower growth and a reduced budget surplus, citing global economic uncertainty and reduced property and natural resource revenues.

Finance Minister Carole James said Tuesday the reduced forecasts reflect B.C.’s concerns over potential negative economic impacts of trade disputes between the United States and China, tensions about the United Kingdom’s planned exit from the European Union and the uncertain status of some global trade agreements and economies.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Global uncertainty prompts rethink of B.C. budget projections: finance minister Back to video

Mill closures in B.C.’s forestry industry, dips in commodity exports and declines in property tax revenues are also impacting the province’s bottom line, James said Tuesday during a quarterly budget update news conference.

“My job is to make sure we’re as well prepared as we can be and that we are in a good fiscal position to be able to weather the economic storm regardless of what it looks like,” she said.