After leading the country for years, it’s looking like it’ll be a tough year now for Alberta’s two largest cities.
The Conference Board of Canada is forecasting a recession for both Calgary and Edmonton, all thanks to the slumping price of crude.
Calgary’s economy is expected to shrink by 1.2 per cent while Edmonton’s will retract point 0.8 per cent.
And it’s looking like the energy sector will not be the only one affected, other industries are expected to feel the pinch including construction, transportation and warehousing, and wholesale and retail trade.
It’s not all “doom and gloom” however, oil prices are expected to recover soon and analysts with the Conference Board expected Calgary’s real GDP will rise by 1.5 per cent in the coming year.