Stephen Poloz, former governor of the Bank of Canada and one of the speakers at Wednesday’s announcement, warned against being overconfident with the projections.
“Uncertainty is really hitting us hard right now in many different ways,” he said. “Watch out for the precision that you hear and forecasts, because there’s a lot of things we just don’t know.”He said there are forces not being accounted for in models, like the impacts of artificial intelligence and increasing numbers of retirements in Baby Boomers, that could emerge as important factors in global and local economies.
“With Trans Mountain pipeline expansion completion delayed to the second quarter of 2024, the price differential between the Western Canadian Select and WTI should continue to exist in the near term before improving with increased transportation capacity,” the outlook reads.‘Renewables are being used as a negotiating tool’: Alberta clean energy producers respond to regulation squabbles
“The key takeaway from the fall outlook is that growth in the Calgary Economic Region in 2023 is expected to outpace the rest of Canada, as relative housing affordability and lower living costs drive interprovincial migration and attract a sizeable share of international immigrants to our city”, said Carla Male, the city’s chief financial officer, in a statement.
Employment growth and real wage increases are expected to boost earnings and consumer spending this year, but elevated inflation and interest rates, and increased household indebtedness is expected to dampen consumer spending next year.Inflation is expected to “moderate” to 3.9 per cent this year.
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