Adapting to Alberta's changing economy
Free on-demand webinar
By ATB Financial 24 November 2020
Webinar overview: What if adapting is easier than we think?
From COVID-19 to the drive to reach net-zero emissions, powerful forces are reshaping the economic environment. Adapting to this new economic reality will not be easy, but doing so may not be as difficult as we think. ATB's Vice-President and Chief Economist Todd Hirsch helps us make sense of Alberta’s economy and provides expert insight into how we can move towards a better future.
During this 60 minute webinar, Todd shares:
- The current outlook for Alberta’s economy (as of November 24, 2020)
- How we can expect a modest economic rebound after this year’s recession
- Which sectors will serve as Alberta’s growth engines
- The future role of the energy sector
- How we’re more adaptable than we realize
Top three takeaways
1. We expect that the energy sector, which has served as Alberta’s economic backbone, will stabilize but not grow in 2021.
However, we anticipate that the technology and digital sector, agriculture and agri-food, and the renewable energy and clean energy technology sector will become growth engines for Alberta’s economy.
2. Diversification is about growth and stability rather than diversification for its own sake.
A problem in Alberta is that the oil and gas industry is volatile so we would benefit from growth in areas that can offset these ups and downs while also providing new opportunities. Alberta is poised for growth in a wide range of sectors but it will take time for these transitions to be fully realized.
“There’s a failure to recognize that not only problems, but also solutions, can grow exponentially.” These are the words of Prof. Jan Boersema, quoted in “Humankind: A hopeful history” by Rutger Bregman. This sentiment doesn’t ignore or minimize the problems we experience. We still have to face them and not for a moment think they don’t exist. But at the same time, we have to focus on the solutions, which can also grow exponentially.
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