ATB Financial says that the price of oil is expected to make a rebound, but there’s no telling on when that will happen.
The organization released their economic outlook on Tuesday morning, saying that it’ll be the end of the year at least before oil prices start to climb once more.
However, before that happens, ATB says it could drop even further.
ATB also added that unemployment could rise to about six and a half percent, about two percent higher than it was at this time last year.
With that, migration from Alberta is expected to rise, but that doesn’t mean that people will stop moving into the province.
Experts also say that other industries in the province are doing very well, even though the energy industry is taking a hit.
"There are some sectors in the province that will see very good results in 2015,” says Todd Hirsch, chief economist with ATB. “It's important to talk about these sectors, particularly the livestock sector. Cattle prices are high, forestry and tourism. These are the second, third and fourth industries in Alberta. And they're all set to do very, very well.”
Research by ATB indicates the average oil price will be between $50 and $60 USD per barrel by the end of the year.
