Optimism Alberta will weather economic storm

Outgoing premier Ed Stelmach has told a meeting of business leaders in Banff that Alberta should ride out the coming economic turmoil.

But a leading American economist isn’t so sure.

Narimen Behravesh says Alberta and the rest of Canada will avoid a double dip recession only if Europe can get its financial house in order.

“There is no question politicians are now part of the problem rather the solution both in the U.S. and Europe. In the U.S. it’s mostly this nonsensical bitter bickering that’s going on. The U.S. does not have a fiscal crisis but a political crisis. Europe has a financial crisis but its politicians are paralyzed. The real worry is there will be a serious policy mistake in either the U.S. or Europe that will drag us all down.”

Former federal cabinet minister Jim Prentice says the key for Alberta is to ship our oil and gas to the Asian market and not just south of the border.

“It’s fundamental to the Canadian energy industry to diversify our energy markets. You can’t be an energy superpower if you only have one customer”.

Economists at the conference agree oil and natural gas prices have remained relatively stable and that should help ease Alberta through the volatile times ahead.