Canada’s Western Provinces Booming

23 February 2012 - Which Way to Pay

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Canada’s Western Provinces Booming

The think tank, the Conference Board, released a report today that says Canada’s booming Western provinces have been unaffected by the economic decline hitting the rest of the country. They forecast that the economic outlook in places such as Alberta and Saskatchewan will continue to grow and are expected to lead the country into growth this year. The Conference Board suggests strong commodity process will continue to boost the Western economies over the coming years. Driving the growth will be high global oil prices and increased oilsands construction and expansion projects.

They say that these provinces are attracting new Canadians; enticed by potential employment prospects in the resource industries and that the economic growth in these provinces will be considerably higher than the rest of Canada for 2012. Marie-Christine Bernard, director of the board’s quarterly provincial report said, “The recent economic slowdown is now barely noticeable in Western Canada.” She added, “Despite concerns over global growth and the lasting fiscal problems in Europe, growth in the western Canadian provinces is expected to be a full percentage stronger that in the rest of the country this year and the next.” While the national gross domestic product expected to grow by 2.1% in 2012, Alberta’s will far surpass that with grow of 3.3 % this year and 4 % in 2013.

 

 

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Related Links:
• The Conference Board of Canada
Provincial Outlook
• Bank of Canada
Canada's central bank
• Latest News
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