Prairie Provinces Lead in Economic Growth: Report

The Conference Board of Canada says the Prairie provinces are likely to be the strongest performers economically this year, even as the Bank of Canada’s inflation-fighting measures dampen the country’s overall economic output.

In a new report examining the factors that will drive Canada‘s provincial economies between 2022 and 2024, the nonprofit think tank says Saskatchewan will lead the country with real growth of 7.6% this year and that the Alberta will see a gain of 4.9%. .

It says the oil and gas sector will drive the economies of Saskatchewan and Alberta through 2024.

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Experts believe Alberta is entering its final oil boom

Experts believe Alberta is entering its final oil boom – March 4, 2022

The report also indicates that Newfoundland and Labrador will experience stronger economic growth when offline oil production resumes in 2023.

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An aging population could dampen growth in Quebec, the report adds, while a reversal in the trend towards remote working will limit gains in Atlantic Canada as some workers move away, particularly in Nova Scotia and New Brunswick. Braunschweig.

The report says a recovery in the manufacturing, hospitality and leisure sectors will likely boost the economy of Ontario and British Columbia.

© 2022 The Canadian Press

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