As the new leader at the helm of the Greater Vancouver Board of Trade, I’ve spent my first weeks listening to business leaders and our members. It’s clear to me that as we prepare to enter a new decade, the winds of change are beginning to reach the shores of British Columbia.
After experiencing a prolonged period of expansion over the past 10 years, our province now seems to be on course for more turbulent economic seas in the early 2020s.
Despite strong employment levels, our real estate sector has experienced sharp declines as of late, while large-scale curtailments and closures have hit the forestry sector. The unemployment rate has risen to 5%, which is still lower than the national average but is trending in the wrong direction.
Our members continue to speak about the persistent challenges that have dogged our region for years, including housing affordability, transportation and congestion, attracting and retaining talent, the increasing tax burden and, of course, ubiquitous concerns about environmental sustainability.
The global growth outlook, already the lowest since the financial crisis, has been downgraded again. Some commentators have suggested that the United Kingdom, Germany and Italy are at or in a recession, while growth in China has slowed to levels not seen in over 20 years.
Given the uncertainty we are seeing around the globe, it is perhaps not surprising that local businesses are beginning to question the resilience of B.C.’s economic situation and whether they should consider measures to safeguard against a downturn.
At the same time, politics and public discourse seem to be sharpening. From fake news to trade wars, the rise of populism and rapid technological change, many in the public seem to believe that the system is failing them.
So, as we face these economic headwinds and societal challenges, we must ask ourselves what we can do proactively to improve our resilience as a region and province and re-engage the public to build trust in our democratic systems.
At the Greater Vancouver Board of Trade, we believe that business can lead on several economic and social issues. As pillars of the community, small-business owners and corporate executives alike want to work and live in thriving communities. We have an interest in ensuring our neighbours and customers are doing well.
There are many examples of companies investing here in B.C., creating jobs and giving back to our communities. For example, Telus Mobility, together with the provincial government and Children’s Aid Foundation of Canada, recently announced that 25,000 families and youth leaving foster care will receive low-cost, high-speed internet or mobility services, including a free smartphone.
Earlier in the year, GCT Global Container Terminals announced an investment of $160 million in its Vanterm container terminal to expand capacity on its existing footprint. Months later, they announced the welcoming of the first vessel to use shore power, effectively plugging into the clean-power grid, which will eliminate up to 95 tonnes of air pollutants per vessel and reduce noise in the neighbourhood.
So while we are preparing for more turbulent economic times and encouraging governments to address key challenges, businesses will work to improve the communities where we live. At the local level, we will also redouble our efforts to increase engagement.
With so much negativity in the media today, it can be easy to get overwhelmed and discouraged. Join us as we bring people together in 2020 to take the lead, develop solutions and ensure a brighter future for our economy.•
Bridgitte Anderson is president and CEO of the Greater Vancouver Board of Trade.
