ATB has declared Alberta to be out of recession, but warns that it will be years before the economy will fully recover.
The firm’s latest economic outlook report says the province will experience a real GDP growth around the three percent mark in 2017. Tourism and agriculture are the big drivers in the growth though oil and gas still plays a big role too, though oil will probably be less than fifty dollars a barrel for the rest of the year.
The recession that hit the province in 2014 was one of the worst in its history, with double digit unemployment seen in Calgary and many rural communities like those in the Lakeland left reeling from energy company layoffs and closing businesses. Bonnyville in particular has roughly a thousand fewer people living in it than it did during the 2011 census when the province was still booming.
The report also notes that while Alberta has added 35,000 jobs this year, the economy is adjusting to a more diversified model less reliant on oil. This could take years to be fully realized.