Despite Ottawa’s attempts to dampen the economic fortunes of Western Canada’s energy sector, we continue to be leaders in terms of growth.
RBC Royal Bank has just updated its quarterly forecast saying Saskatchewan rebounded quicker than expected last year so it issued an upward revision for 2023 with even stronger expansion projected for this year.
The bank’s economics unit has tapped two Atlantic provinces as the country’s leaders in 2024 – PEI is expected to see growth of 2.1 per cent while Newfoundland and Labrador will be close behind at two points. Then comes Alberta with projected expansion of 1.7 per cent followed by Saskatchewan at 1.6.
Interestingly, the country’s three oil producers are leading the nation in economic growth in this report.
The bank also notes Saskatchewan is enjoying a surge of investment capital flowing into the province, something that will support their 2024 projection. And they see improved prospects for potash production and remarkable job creation.
All this momentum will accelerate into 2025. The bank’s projection for next year has us moving from fourth place to second with growth of 2.4 per cent.
