CALGARY — Alberta’s premier says he does not agree with a Conference Board of Canada suggestion that Alberta is likely to face a recession due to the plunging price of oil.
Jim Prentice calls the conference board report an outlier based on analysis that is not particularly convincing.
The economic think-tank notes that Alberta’s latest employment and new housing start numbers are holding steady, but if oil prices stay low the province will slip into recession.
Chief economist Glen Hodgson says even if oil prices rebound to US$65 dollars a barrel investment, profits and consumer spending will be down.
Prentice says the board’s report is at odds with the projections of all the chartered banks and several other economic forecasters.
He says those predictions call for only a slippage in Alberta’s economic growth.