A new report from TD Economics says the current downturn in Alberta’s economy could be among the most severe ever. The estimated 3 per cent slide in GDP for 2016 will add to the 3.5 per cent decline since 2014; 6.5 per cent is double the contraction of the province’s previous 4 recessions.
"The economic fallout from last year's oil price plunge has continued to reverberate through the province so far this year. And just as the global oil market has provided a decent whiff of recovery, the northern part of the province was hit by the outbreak of wildfires in May," the report states.
"The economic fallout from last year's oil price plunge has continued to reverberate through the province so far this year. And just as the global oil market has provided a decent whiff of recovery, the northern part of the province was hit by the outbreak of wildfires in May," the report states.
