At the beginning of the year, the Conference Board of Canada predicted Alberta will go into recession.

Members of the Board met in Calgary at the Palliser Hotel and Chief Economist, Greg Hodgson says that prediction may have been optimistic. "The collapse in oil prices really had a big impact on energy producers around the world, and clearly that's the case for Alberta.  We're forecasting revenue down 40 billion dollars in the oil patch, and that's clearly going to affect profits, investment activity and even compensation. So folks working in the sector may not get the same kinds of pay increases they've had for the last number of years."

Hodgson does say that the oil industry is far from a collapse, "firms will remain open; if you've made big investments in the oil sands in terms of energy, you're going to keep your production going. So, people who are involved in ongoing operations may not be challenged, but it's the new investment that's really going to be hit."

He says that there already has been somewhat of a withdrawal in terms of employment numbers, but it won't be as bad as everyone thinks. "There will be an impact on labour markets, but it won't be an entire rout."

Hodgson adds that it's not possible for anyone to predict oil prices, but it looks like things are plateauing right now. "We have an assumption built into our forecasts that prices are forming a floor right now and will increase a little bit this year. Growth will come back next year. We think 2014 is going to be a tough year for the province's economy."

Meanwhile, City Group in the United States says the price of crude could drop as far as $25 per barrel while others say it could fall as far as $20 per barrel because of the continued glut of oil on the market.

The price of oil is approximately $50 per barrel.

Oil isn't the only thing Alberta has going for it, but Hodgson says that even the high prices of beef won't help the province to get out of the current economic situation unscathed.

"Finding new ways to do things, finding new markets are good in theory," Hodgson says. "But sometimes you just have to ride it out."