Saskatchewan’s economic growth this year and next year should be second only to Alberta’s, according to the latest economic forecast from BMO Bank of Montreal.
Both provinces are enjoying the benefit of higher resources prices.
The bank expects we will post growth of 3.8 per cent this year compared to Alberta’s 4.5 per cent. Not bad for a time when many are making the recession call for that comparable period.
While we may be second on the growth chart, we are number one in a couple areas too.
One is in the labour arena. BMO is forecasting Saskatchewan’s unemployment rate will continue to fall through the remainder of this year and into 2023 when we will have the lowest unemployment rate in Canada, including Quebec which holds that coveted ranking right now.
The bank also sees us with the lowest inflationary pressures in the country over that 18-month period.
And, BMO confirmed what we heard in the provincial economic update — Saskatchewan now has the lowest debt-to-GDP ratio of all the provinces, pushing Alberta in to second spot.
