ATB Financial’s Chief Economist Todd Hirsch feels that the price of a barrel of oil will settle in at around $60 barrel, from where it sits today.
Mr. Hirsch made a presentation at the BCF last Thursday, called “ Losing Balance, Gaining Control”, where he gave his views on today’s financial challenges facing Albertans.
During the hour-long session, the economist talked about the world situation, followed by recent developments in Canadian and Alberta politics. He felt that there would be a rebound in oil prices to around $60 barrel, there would be a re-balancing of wages and labour costs, despite the provincial NDP plan to continue the minimum wage hikes over the next few years.
Hirsch made the point that all news is not bad, saying that both the tourism and agricultural sectors of Alberta’s economy would continue to be strong performers. He also felt the Canadian dollar would remain low compared to the US dollar until at least mid-2016, which is not necessarily a bad thing, especially for exporters, and Americans travelling into Canada.
He did make the point that although it may appear that Canada is experiencing a recession at present, that this time around it would not be as deep as it was in 2008, but may linger longer.
Over 60 people attended the presentation.
