By Canadian Press

FINANCIAL OUTLOOK

ATB’s Alberta Economic Outlook: Economy facing challenges

May 17, 2019 | 7:49 AM

CALGARY- ATB Financial’s newest Alberta Economic Outlook shows a provincial economy that is facing a number of challenges in 2019.

The latest outlook is predicting slow economic growth this year but says the province will likely avoid slipping back into recession.

ATB is cutting its 2019 growth forecast in half from where it was in March to just 0.7%, followed by 1.6% growth in 2020.

The provincial economy is facing a number of pressures, including a slow national economy, challenges with the new North American trade deal and difficulties with China.

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The report states pipeline capacity remains the major overriding issue for the oil and gas sector.

Some encouraging sectors include agriculture and agrifoods.

Both should perform well, although canola growers have been hit by a Chinese import ban.

Cannabis and other niche crops, however, are creating new opportunities.

(The Canadian Press-CTV Calgary)