Inflation, interest rates, and global instability are still rearing their ugly heads as we head into the final quarter of 2022. And these conditions have prompted economists to lower economic growth forecasts across the globe. And this means Alberta will be impacted, too.
However, Alberta is more than ready for this impact. In fact, Alberta’s economy is still on track to be the largest it’s ever been and lead Canada in growth. This is due in large part to still strong commodity prices but also: an incredible harvest, near record net migration to the province, and major investments.
For Albertans, the picture is less rosy. While inflation is hurting all Canadians, Albertans are not seeing their wages rise compared to their fellow Canadians, and this is putting additional pressure on household budgets. And businesses are still facing an endemic labour shortage, made worse with declining productivity.
So, where does that leave Alberta?
Mike Holden, BCA’s Chief Economist joins the show to break down our latest economic update, shedding insight on everything from employment and wages to OPEC production cuts and interprovincial migration.
In this episode:
- What we’re seeing with Alberta’s economy
- The labour market in Canada
- Net migration to Alberta
- Economic headwinds and tailwinds
- OPEC production cuts
- Wage “growth” in Alberta and Canada
- Where we are with inflation
- The possibility of a recession in Canada
- Understanding productivity
About The Brief
In this series, co-hosts Scott Crockatt and Brittany Brander explore the big challenges we face as Albertans; celebrate stories of growth, innovation, and prosperity; and discover bold ideas to make life better for Albertans.