Alberta has an advantage simply because  it is part of Canada. Thanks to the restrictions on Canada’s banks, Canada isn’t sinking into recession as much as the U.S.A., a fact I am thankful for, especially since I am about to enter the job market this summer.

Alberta has a decent chance of weathering the current economic climate simply because we have less debt than other provinces - no debt at all, in fact. This puts us in a unique position in Canada, since every other province is trying to control their debt load.

I think all Albertans are aware that there has been some slowdown in our province this past year.

“The big reason why there’s not much going on in Alberta is the fact that more than $13 billion in oilsands spending has been shelved this year, because of the global economic crisis. In turn, Alberta consumers aren’t buying things like homes or cars, further eroding the money that’s going around.

But, according to the Conference Board of Canada things should start to improve in a year, when demand for oil will pick up.”

I do wish that Alberta’s economy was a little less homogeneous. During the boom years, the Alberta economy became less diversified because companies not involved in the energy industry couldn’t afford labour. These companies then moved their operations to other provinces. Now that oil prices have plummeted, that lack of diversification is hurting.

The economies of Saskatchewan, Manitoba, P.E.I and Newfoundland are all continuing to grow. I think Alberta can start growing again, given some time.

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