Alberta could slip back into recession in 2019: Conference Board of Canada
Posted May 28, 2019 03:27:20 PM.
Last Updated May 28, 2019 07:10:22 PM.
OTTAWA (660 NEWS) — Alberta could slip back into a recession this year — albeit a small one.
The Conference Board of Canada has revised its forecast for the province, expecting the economy to shrink by 0.1 per cent, instead of growing by just over 1 per cent.
AB is facing a mild recession, economic growth weakening in ON, MB and SK. Further; China’s move to block imports of Canadian canola, peas, soybeans & some pork from QC hurts our agriculture sector. Provincial insights 2019 here: https://t.co/02S3E7EZB0 pic.twitter.com/zLBHAEm0ok
— The Conference Board of Canada (@ConfBoardofCda) May 28, 2019
“The difficulties in the energy sector usually are linked to oil prices,” explained Marie-Christine Bernard with the board. “But oil prices have been relatively high these past few months. The difficulty is not so much in terms of oil prices but in the capacity to move oil out of Alberta.”
Bernard says once there is some certainty over Alberta’s ability to get its product to market, investment should return.
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Alberta Premier Jason Kenney has reacted to the report, saying the NDP left behind a shrinking economy, which is why his government is so focused on getting Alberta back to work.
The NDP left behind a shrinking economy.
That’s why our government is so focused on getting Alberta back to work. We have to bring job-creating investment back to our province. It will take time & hard work, but Alberta is the can-do province. https://t.co/nVNKv9Vctf
— Jason Kenney ???????????????????????? (@jkenney) May 28, 2019