Saturday, January 14, 2012

Finance Minister Kevin Falcon


British Columbia Is Positioned Well
But Global Economy Still Fragile

At a short stop in Nanaimo, Finance Minister Kevin Falcon made it clear that the days of government running huge deficits and spending money like crazy are over, and that times of serious fiscal responsibility is the new reality with ALL levels of government. To that end his government is committed, and bound by legislation to deliver a balanced budget by 2013 - 2014.

While British Columbia is one of the few provinces enjoying a AAA credit rating which among other things makes borrowing money less expensive, it is not by any means immune from the ups and downs of the global economy. Pointing out the fact the province's debt to GDP ratio is 18% compared with a ratio of 140% for Greece among other factors makes the province very attractive for global investors who are looking for safe havens for resources.

Another focus for the future of the BC economy is less and less dependence upon the US market and a greater expansion into the Asian markets. The exporting of liquified natural gas to China for example would see revenues increase threefold.

The thrust of his speech addressed the opportunities facing BC as a whole and while there was nothing specific relating to Nanaimo those present should have been encouraged by the overall tone of his address.

It was good to note that MLA Ron Cantelon was able to participate in the short event as he is in recovery from his recent health challenges. Cantelon said in his introduction that it was REALLY good to be here.

allvoices

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