Calgary's economy in 'enviable position' for 2024, says new outlook

A rainbow appears to come down on pumpjacks drawing out oil and gas from wells near Calgary, Alta., Monday, Sept. 18, 2023. THE CANADIAN PRESS/Jeff McIntosh

While Calgary and Alberta will face the same economic headwinds in 2024, economists say the region will fare much better than the rest of Canada and the world.

The announcement comes as Calgary Economic Development (CED) is set to release its 2024 Economic Outlook, in partnership with ATB Financial, at Calgary's Telus Convention Centre on Wednesday afternoon.

https://www.calgaryeconomicdevelopment.com/events/economic-outlook/

Record population growth, strong commodity prices and consumer spending are all factors that have buoyed Calgary and Alberta's position in the year ahead, CED wrote in a release.

Mayor Jyoti Gondek says to ensure growth, the city needs to understand how all of these things come into play.

"Calgary's resilience and adaptability have always been hallmarks of our community. By coming together to explore what's in store for 2024, we are taking an essential step to secure a prosperous future for our city," she said.

ATB Financial says Alberta's GDP will grow by 2.7 per cent this year and two per cent in 2024.

"In the past year, Alberta's economy has weathered the inflation storm better than most," said ATB vice-president and chief economist Mark Parsons.

"Strong population growth and a revitalized energy sector will continue to put Alberta's economy ahead of the crowd even as it slows in the face of higher interest rates. With headwinds building, we expect growth to slow next year, before picking up again in 2025."

Brad Parry, CED's president and CEO, will be releasing his organization's findings at the event, which will also feature a panel discussion between community leaders.

Former governor of the Bank of Canada Stephen Poloz, who now serves as special advisor with Osler, will also be speaking.

"Calgary and Alberta have proven their mettle time and again," he said.

"With a robust resource sector, diverse industries and a talented workforce, the region is in an enviable position.

"I look forward to sharing my insights with Calgary’s leaders as they prepare for 2024."

The event runs between 2 and 5:30 p.m.