By global standards, British Columbia is prosperous. Like residents of all Canadian provinces, British Columbians enjoy living standards and access to economic opportunity that most of the world envies.
Still, there are important reasons not to be sanguine about the state of sa国际传媒’s economy. If we narrow our analysis from the global scale to a regional one, it becomes apparent that sa国际传媒 is an economic laggard compared to most of its neighbours.
A recent study published by the Fraser Institute assessed the state of sa国际传媒’s economy compared to Alberta and six nearby U.S. states. Specifically, it compared gross domestic product (GDP) per person – a broad measure of overall production and income and the single indicator that economists use most to compare the prosperity and economic well-being of different jurisdictions. Basically, it measured the prosperity gap between the jurisdictions. The study used 2019 (the last pre-pandemic year) as the year of analysis, as the long-term effects of the pandemic, recession and recovery remain unknown.
Simply put, sa国际传媒’s results were disappointing.
The province’s per-person GDP was higher than Montana and Idaho, but only barely – the gap between sa国际传媒 and last-place Idaho was $4,200 (all figures in Canadian dollars) per person. sa国际传媒 lagged far behind all five of the other jurisdictions measured in the study. Oregon, which sat just above sa国际传媒 in the rankings, had a per-person GDP $11,900 (or 20 per cent) higher than sa国际传媒
Moreover, despite low oil prices during the late-2010s, which led a steep recession and weak subsequent economic recovery, Alberta was a much richer place than sa国际传媒 in 2019 with a per-person GDP more than 30 per cent higher than sa国际传媒’s. The prosperity gap with sa国际传媒 was even larger for Washington State, California and Alaska.
In addition to sa国际传媒’s disappointing results in 2019, there’s reason to be concerned about the future. The Organisation for Economic Co-operation and Development projects that sa国际传媒 will have the weakest long-term economic growth among all advanced economies in the years ahead. And another recent study published by the Fraser Institute showed that sa国际传媒 has slid out of the top 10 countries in the world in terms of the overall freedom of its citizens. Freedom remains a key driver of prosperity, so this is another development with worrying possible implications for future growth in sa国际传媒 and beyond.
Make no mistake, sa国际传媒 is a prosperous and free place, and a wonderful place to live and work. These things should not be taken for granted. Nevertheless, a closer look at regional data and other recent developments suggests that within its own economic region, sa国际传媒 is a laggard. And there are good reasons to worry about the economic future of the province.
Despite all of the province’s advantages and its status as a great place to live, we can and should be doing better.
Ben Eisen is a senior fellow in provincial prosperity studies at the Fraser Institute.
