Worst may be over for Alberta economy, modest growth expected in 2017: Conference Board

A pumpjack works at a well head on an oil and gas installation near Cremona, Alta., Saturday, Oct. 29, 2016. Jeff McIntosh/Canadian Press

The Conference Board of Canada says it expects Alberta to emerge from one of the worst recessions to ever hit the province next year.

However, the independent research organization is forecasting only modest economic recovery in 2017.

The board says Alberta should see real gross domestic product growth of about 2.2 per cent.

Part of that growth will be fuelled by rebuilding in the wake of the Fort McMurray wildfires last May.

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Marie-Christine Bernard, an associate director with the board, says recent stability in oil prices is forecast to set the pace for a recovery over the next few years.

She says the recent election in the United States also offers hope for getting more Canadian crude to markets.

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“It appears that the worst may be over for Alberta, but the road to recovery won’t be easy,” Bernard said Thursday in a release.

READ MORE: Calgary maintains highest unemployment rate in Canada for 5th straight month

The Conference Board of Canada said all provinces, with the exception of Newfoundland and Labrador, will see their economy expand in 2017.

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