Spotlight on Alberta’s Economic Future

CompetitivenessBioeconomyNatural ResourcesTechTech Adoption
Published on
Minister Deron Bilous / Minister of Economic Development and Trade of Alberta - Ministry of Economic Development and Trade of Alberta
Curtis Stange / President & CEO - ATB Financial
Sandip Lalli / President & CEO - Calgary Chamber of Commerce

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

  1. Alberta is trying to diversify its economy by building on its strengths in artificial intelligence and machine learning, petrochemicals, cannabis, aerospace and agriculture.
  2. 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.
  3. 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.
Watch and Read the Experts’ Full Interviews:
The Minister Minister Deron Bilous Minister of Economic Development and Trade of Alberta - Ministry of Economic Development and Trade of Alberta "In 2017, Alberta led the country in GDP growth at 4.9% and we are poised to lead again in 2018 and 2019." The Financier Curtis Stange President & CEO - ATB Financial "There are several sectors specifically showing growth in Alberta, including agriculture, agro-foods and tourism, transportation and logistics, and we are seeing positive signs in the tech sector." The Business Connector Sandip Lalli President & CEO - Calgary Chamber of Commerce "There is certainly a segment of people who are leaving the energy sector and starting a different company. But that is more a product of skill accumulation and transfer than about oil prices."
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