The Brief: Bracing for Impact: Fall 2022 Economic Update

Oct 18, 2022

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Inflation, interest rates, and global instability are still rearing their ugly heads as we head into the final quarter of 2022. And these conditions have prompted economists to lower economic growth forecasts across the globe. And this means Alberta will be impacted, too.

However, Alberta is more than ready for this impact. In fact, Alberta’s economy is still on track to be the largest it’s ever been and lead Canada in growth. This is due in large part to still strong commodity prices but also: an incredible harvest, near record net migration to the province, and major investments.

For Albertans, the picture is less rosy. While inflation is hurting all Canadians, Albertans are not seeing their wages rise compared to their fellow Canadians, and this is putting additional pressure on household budgets. And businesses are still facing an endemic labour shortage, made worse with declining productivity.

So, where does that leave Alberta?

Mike Holden, BCA’s Chief Economist joins the show to break down our latest economic update, shedding insight on everything from employment and wages to OPEC production cuts and interprovincial migration.

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The Business Council of Alberta was founded on a simple idea: to make life better for all Albertans. We believe that business has an important role in improving society, and that when business does well, we all do well. We work with the chief executives and leading entrepreneurs of Alberta’s largest enterprises to understand the big, long-term challenges that Albertans are facing and work with industry, government, and civil society to solve these problems and build shared prosperity for every person who calls Alberta home.

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