LNG would drive BC economy in 2016: Central 1

Credit union calls for growth of more than 4% fired by liquefied natural gas projects.

March 26, 2014   by CANADIAN PRESS

VANCOUVER — BC’s economy will see healthy growth from 2016 to 2018, but Central 1 Credit Union says liquefied natural gas is the key to prosperity.

Central 1 has issued its latest economic outlook, predicting the BC economy will gain strength in 2015 and then take off, if LNG projects come online as planned.

The association, representing 133 credit unions across BC and Ontario, notes optimistic medium-term growth in BC’s provincial forecast depends almost entirely on those LNG projects.

Central 1 economist Brian Yu forecasts increasing strength in the province’s trade sector, driven by a lower Canadian dollar and recovering US economy.

He is calling for economic growth to average above 4% from 2016 to 2018 as the LNG sector fires up across the northern half of BC.

Central 1 is also predicting continued low interest rates, with a modest increase over the next five years, while Yu says the loonie will average 87 cents US through 2018, but could go lower.

© 2014 The Canadian Press

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