The bank forecasts that the Canadian economy, which shrank 2.5% last year, will grow by 3.4% in 2010 and 3.1% in 2011. Most provinces from Ontario west will either meet or surpass the national average this year, and economic benefits will continue to fall on the western side of the map next year, with Saskatchewan the clear leader.
Western provinces to lead the Canadian growth charge
June 22, 2010
Last week, I wrote a post about Friday about how Canada was going to fare well in the upcoming global economic recovery. But it seems that the growth will be unevenly distributed.
And who will be the beneficiary of the higher growth? The Western provinces!
According to the Calgary Herald:
And it’s no surprise really. The provinces that suffered the least in the recession, the Eastern provinces and Manitoba, will not grow as much. That makes sense. They don’t have to bounce back. But the West does…and they’re gonna bounce back, baby!
These projections are coming from BMO. What do the provinces think will happen? Most of them are forecasting their growth to be lower than BMO’s expectations. So if BMO’s projections play out, then they’ll be rolling it money that wreaks of pleasant surprise.
Go, west, go! And then we’ll hope for some transfer payments. Sweet.