New Report: Prairie Provinces Led Economic Growth This Year With Oil and Gas

The Conference Board of Canada predicts the Prairie provinces will have the best economies this year, despite the Bank of Canada’s inflation-fighting policies.

According to a new report by a non-profit think tank, Saskatchewan will have the highest real growth rate in Canada at 7.6 percent this year, while Alberta will have the lowest at just 4.9 percent.

It is predicted that economic growth in Saskatchewan and Alberta will be driven by the oil and gas industries through the year 2024. The report also mentions that the resumption of offline oil production in 2023, will boost economic growth in Newfoundland and Labrador.

The report notes that an aging population could slow growth in Quebec. While a reversal within the remote work trend would reduce gains, as employees leave Atlantic Canada, especially Nova Scotia and New Brunswick.

The economies of Ontario and British Columbia should expect a boost from the growth of their manufacturing, hospitality, and recreation industries.

Original source material for this article taken from here