The B.C. government is projecting deficits over the next three years, despite an economy that has recovered from the start of the pandemic faster than expected.

Finance Minister Selina Robinson announced a $5.5 billion deficit planned for the 2022/2023 fiscal year, along with a $4.2 billion deficit in 2023/2024 and a $3.2 billion deficit in 2024/2025. 

The current year’s deficit is now forecast to be $483 million, after it was projected at the start of the fiscal year to reach $9.7 billion.

But Robinson cautioned that the bulk of the province’s economic recovery had already transpired. And she said continued spending