Good news for Alberta’s economy.
The latest economic outlook from ATB Financial predicts the provincial economy will start growing again next year after suffering through two years of recession.
Chief Economist Todd Hirsch says he believes the worst of the energy downturn is over and there will be increased stability in the industry with oil prices expected to hover around $50 to $55 a barrel next year.
He is forecasting the economy will grow by 2.1% next year after a predicted contraction of 2.6% this year and a shrinking of 4% last year.
However, Hirsch says the rehiring of energy workers who’ve lost their jobs in the downturn isn’t expected to start for at least another year or more.
Pictured – Todd Hirsch