Province of British Columbia Budget 2023: Dipping Back into Deficits in the Face of Economic Headwinds
The Province of British Columbia (British Columbia or the Province) released its 2023 budget on February 28. The budget continues on the Province's stated priority of rebuilding the economy, all while maintaining a high degree of prudence in the fiscal outlook. The budget plans for increased spending in priority areas, continued deficits, and rising debt amid a macroeconomic slowdown, resulting in reduced flexibility over the years to come. However, the Province's prudent fiscal approach, consistent track record of outperformance, strong balance sheet, and currently low debt burden will lend stability to its credit profile.
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