ATB Financial’s Economic Forecast for Alberta’s Economic Recovery

CALGARY, AB, June 10, 2021 / CNW / – The latest Alberta Economic Outlook from ATB Financial presents mixed forecasts for our province as we emerge from the global pandemic.

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Alberta is poised to experience an estimated 5% real GDP growth in our province this year, up from ATB’s previous forecast of 4.1%. The effects of the global COVID-19 pandemic and the fall in oil prices will continue to be felt and it will still be until 2023 for Alberta to regain the ground he lost.

Alberta has been hit harder than the rest of the country by the double blow of the pandemic and the fall in oil prices, so we have more ground to recover, ”said Todd hirsch, vice president and chief economist at ATB Financial. “If people continue to get vaccinated, the economy can gradually reopen and OPEC continues to restrict oil supplies,” that of Alberta the recovery should stay on track. “

On the positive side of the forecast, higher than expected oil prices are helping to boost that of Alberta economic fortunes, repairing some of the damage caused by transport bottlenecks, oil price wars between Russia and Saudi Arabia and declining demand during the pandemic. Household savings in Canada also fell from 1.3% of disposable income in 2019 to almost 15% in 2020, an average of $ 5,574 by Canadian. At the same time, retail sales in Alberta have rebounded and are well above pre-pandemic levels.

On the cloudy side, the economic contraction in 2020 was higher than expected – 8.2% instead of 7.1%. Even with the acceleration of vaccine deployment and the summer reopening plan, it is unclear when international tourism will return to Alberta or whether some businesses will survive. Even with the return of jobs, unemployment is expected to remain relatively high as the number of job seekers will exceed the number of vacancies.

that of Alberta The energy sector has rebounded, but the lingering constraints on growth mean we cannot count on it to generate another job boom, ”Hirsch said. “It will take time and effort to replace the lost growth. But industries such as tech, renewables, clean energy technologies, agribusiness, and a wide range of entrepreneurial activities bode well for that of Alberta economic future. “

Read the whole ATB Financial Economic Outlook.

About Financière ATB
With $ 55.7 billion in assets, ATB Financial is a Alberta-creation of a financial institution that is a catalyst for economic growth in our province. We started in 1938 to help Albertans get through tough economic times. Today, ATB Financial’s 5,000+ team members enjoy delivering exceptional experiences to over 800,000 clients through our many branches and agencies, our 24-hour customer service center. out of 24, four entrepreneurial centers and our digital banking options. Everything we do is focused on how we can serve Albertans, from providing expert advice to helping entrepreneurs help Albertans buy homes and grow their wealth. .

For more information or interview requests, please contact:
ATB Financial, Media Relations [email protected]

SOURCE ATB Financial

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