Paul Martin’s Business Update – January 27th, 2015
There is no sign of a recession on the horizon.
That comes from an updated economic forecast issued by BMO Bank of Montreal. Even Alberta which is so heavily dependent on oil will avoid the dreaded D word in 2015.
Saskatchewan, according to the updated forecast will see growth of 1.9 per cent this year, in the bottom half of the pack among the provinces but the best among the energy producers. Alberta is expected to see growth of only a half point while Newfoundland will actually see a negative number with the economy contracting by a percentage point.
Newfoundland will further contraction next year while Alberta bounces back and we see a slightly better year.
Job numbers will also remain positive this year and next although the expansion we saw in the past will be moderated, according to the bank as employment numbers grow less one percent in both 2015 and 2016. On balance this forecast’s positive outlook will be a good tonic for those who have been wondering where things are headed in the wake of lower oil prices.