Despite a low oil price and lack of access to international markets for its energy products, Alberta’s economic growth is still strong relative to other Canadian provinces. Its challenges are driving the push for increased economic diversification, new strategies to improve the efficiency of its traditional sectors’ operations, and the development of burgeoning “future economy” sectors.
This Spotlight explores these trends and their impact on the future of Alberta’s economy from the perspectives of its chief economic development officer, the CEO of the province’s most important local bank, and the leader of its biggest business association.
Key Takeaways & Calls to Action
- Alberta is trying to diversify its economy by building on its strengths in artificial intelligence and machine learning, petrochemicals, cannabis, aerospace and agriculture.
- Energy providers in Alberta are fast adopting new technologies to improve efficiencies and their competitiveness. They are seeing themselves as energy leaders, not just oil and gas players.
- Instead of picking winning and losing sectors, Canadian governments need to focus on rebuilding investor confidence, cutting regulations and lowering taxes to create a competitive business environment.