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Jul 7, 2011 - 1 minute read - business news

Scotiabank Forecasts Alberta, Saskatchewan Economies To Lead Nation

Scotiabank is predicting Alberta’s economy will grow at an average rate of 3.8% during 2011 and 2012. Saskatchewan is close behind at 3.5%. Both provinces are expected to benefit from continued demand for their natural resources. Alberta will benefit from continue oil sands development, while Saskatchewan will benefit from further potash development and continued investment in the Bakken oil play.

Canada as a whole is expected to grow an average of 2.6% over the same time period. Ontario and Québec are expected to get off to a weaker start due to poor growth in the United States and the natural disaster in Japan, which has widened their trade deficits. Growth for these two provinces is expected to improve in 2012. Atlantic Canada’s continued soft employment numbers will be a drag on growth.