Elevated prices for oil and natural gas will result in the western provinces of Saskatchewan and
Alberta leading economic growth in Canada through 2024, according to a new forecast from
The Conference Board of Canada.
In a new report on provincial economies, the not-for-profit think tank says Saskatchewan will
lead the country with real GDP growth of 7.6% this year, while Alberta is expected to grow
4.9%.
Oil and gas prices will continue to drive economic growth in Saskatchewan and Alberta through
2024, according to the Conference Board. Saskatchewan will also benefit from higher prices for
commodities such as wheat and potash.
Newfoundland and Labrador is expected to also benefit once oil production in that province
restarts in 2023.
Ontario and British Columbia’s economies are forecast to get a boost from a resurgence in
manufacturing going forward.
However, an aging population is expected to continue weighing on the economy of Quebec, and
reversals in remote work will likely lead to an outmigration of people from Nova Scotia and New
Brunswick.
