B.C.’s economy feeling the Olympic effect

Helmut Pastrick, Credit Union’s chief economist, says the Olympics came at the right time and definitely helped Vancouver in recovering from the recession.

But that may not last.

“The Olympics do provide a temporary boost,” said Pastrick.  “But they’re after the normal factors of interest rates, demand for our commodity exports, performance of the U.S. and global economy including the value of our dollar.”

Pastrick adds Vancouver was in the global spotlight at the right time, to lead them out of the recession and into stronger economic growth.

“Certainly the infrastructure investments will spin off benefits for many years to come,” he said.  “The real key will be whether we see more investment coming into the province, more tourism.”

Pastrick says it’s likely there will be a spike in international investments after the world has gotten a glimpse of what the city has to offer.