Shaky oil prices are still likely over the next few months, but Alberta is reaching a turning point.
That’s according to ATB Financial’s economic outlook which says the economy will remain slow with GDP growth at 0.4 per cent.
It’s a revised figure that went downhill, but the bank has been saying growth will be next to nothing this year.
“Oil prices are still unstable and could change in the third quarter,” states Chief Economist Todd Hirsch. “However, our research suggests that scenario number two in our Alberta Economic Outlook is the most likely. This scenario puts the average oil price between $US 50-60 per barrel and is consistent with the projection in our Q2 economic update.”
Hirsch says it’s not the time to panic. He says Alberta has faced energy shocks before and this is an entirely normal pattern.
