Canadian Economy Resilient Amid Uncertainty: BDC
The Greater Vernon Chamber of Commerce's annual general meeting took place on September 17 at the Best Western Pacific Inn. Ryan McLean, BDC vice-president Interior, North, and Island, presented alongside Natalie Dean from the Business Development Bank of Canada (BDC) as featured guests. They highlighted the resilience of the Canadian economy in 2026, despite ongoing uncertainty.
The Canadian economy remains resilient, with the B.C. economy seeing better data in recent months, although the housing market continues to slump. McLean emphasized that the new tariffs on Canadian products introduced by the United States have not caused significant damage to the Canadian economy.
The pair also discussed several major projects set to boost the province's coffers. These include LNG Canada Phase 2, which will double production at a cost of $33B; Ksi Lisims LNG, a new export terminal project worth $30B; North Coast Transmission line, a power grid expansion costing $6B; and Red Chris Mine Expansion, increasing copper and gold production for $2.6B.
The presentation also touched on the impact of AI on businesses, with 97% of companies using Artificial Intelligence reporting improved efficiency and customer service. However, it was noted that 142,000 Canadian entrepreneurs plan to close, transfer, or sell their business in the next five years, which is equivalent to one-in-six small- and medium-sized businesses.