Financial experts believe Alberta will thrive in 2012
Posted Dec 21, 2011 12:57 pm.
This article is more than 5 years old.
Local economists say Alberta will push the Canadian economy in the coming year and we’ll owe our good fortunes to oil.
Experts believe the oilsands in the far north will continue to act as the main economic driver for the province.
ATB Senior Economist Todd Hirsch said that’s good news, even with the current market volatility.
“Alberta’s economy is being lifted by strong oil prices and as long as those prices stay where they’re at, we’ll be in good shape,” Hirsch said.
The long-time economist believes things are different though when it comes to natural gas.
“There’s not much upside on the gas side,” he said. “I don’t see a rebound, they’ve been weak for years.”
However, he warns we may need a back-up plan as a major recession in Europe could tip the province in the other direction.
Overall, he classifies Alberta as in good shape while the rest of the country starts to flounder.
“The biggest thing are emerging economies in Asia, if we do see China and India fall,” he said. “That could be enough to see oil prices tumble.”
University of Calgary economist Dr. Frank Atkins agrees and says the sad thing about 2012 is that the volatility will not go away very quickly.
He said the province will out perform the Canadian economy, as the Ontario economy will have to go through some adjustments.
