The Greater Victoria Chamber of Commerce is once again dismissing the Conference Board of Canada's assertion that Victoria's economy is struggling.
"I'm not sure how anybody can accurately forecast 1.2 or 1.5 per cent [growth] in this economic environment," said CEO Bruce Carter, whose own prediction for economic growth hovers between 2.0 and 2.5 per cent this year. "We should pay less attention to forecasts and more to the business at hand."
The conference board estimates Victoria's economy will grow by 1.3 per cent this year before showing slightly more improved growth between 2013-16 when GDP should grow 2.2 per cent.
The board said fiscal restraint initiatives are holding back health, education and the public administration sector while weak consumer spending has taken a bite out of retail and wholesale trade. The board did note the tourism sector has seen some improvement.
