TD Bank Group economic forecast sees optimism in province's future but not without caution
CALGARY, Sept. 13, 2018 /CNW/ - TD predicts Alberta's economy is likely to return 'home' to a fully-recovered state within the next year, but several challenges cloud the province's longer-term outlook. Today, TD Bank Group released its economic forecast for Alberta, Alberta's Economy Making its Way Home: Eight Reasons for Optimism in the Province's Future. The forecast contextualizes the constraints and setbacks the province has faced, but notes most indicators suggest the recovery remains on track. This year, real GDP gains are poised to moderate following last year's strong rebound, but remain relatively solid.
"We've observed Alberta is in a place with potential to reassert itself as an economic engine of Canada," says Derek Burleton, Vice President and Deputy Chief Economist, TD Bank Group. "But the province's ability to move in this direction will depend on how some significant challenges are addressed, including pipeline constraints."
Despite these concerns, the forecast identifies eight reasons for optimism that include the resiliency of global oil demand and limited supply outside of Alberta, coupled with decreasing production costs, creating opportunities for the sector.
Furthermore, the province has other industries taking flight including the high-tech sector where Alberta is pulling ahead in artificial intelligence research. The forecast also notes Alberta's relatively young population, when compared to the national average, adding to future growth potential and high labour force participation. Additionally, Alberta shows a historical record of outperforming expectations for economic recovery.
"Alberta has shown time and time again that we are a province with resiliency at our core," says Robert Ghazal, Senior Vice President, Prairie Region, TD Bank Group. "Through five recessions, we have not only recovered, but managed to outperform other provinces on a 10, 20 and 30- year average."
The full report can be viewed and downloaded online at: https://economics.td.com/folder/documents/reports/db/AlbertaEconomicOptimism.pdf
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 12 million active online and mobile customers. TD had CDN$1.3 trillion in assets on July 31, 2018. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
Geraldine Anderson, TD Bank Group, 403-617-3003, [email protected]; Jerrica Goodwin, Hill+Knowlton Strategies, 403-616-0745, [email protected]
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