With crude oil prices fluctuating as wildly as the stock market, nobody questions the reasons for economic crisis occurring in Alberta, Canada. When the affluent western province suffers an economic downfall, the entire country is affected. People with high paying jobs may now need to leave Alberta and move to greener pastures. Unemployment continues to increase in greater proportions. The unemployment rate in Alberta witnessed a drastic rise from 4.7 per cent in 2014 to 7.9 per cent in 2016.
Oil prices and unemployment are not the only things to consider. Unstable climatic conditions have caused Alberta farmers to lift their sowing hands in despair. Crops in 2016 may yield less than favourable outcomes due to drier weather conditions. When a large province no longer produces its share of crops, the general economy is bound to face negative effects.
Introducing Montreal's Mayor Denis Coderre and his opposing views
While the Energy East Pipeline project holds promising hope for Albert's faltering economy, Mayor Denis Coderre of Montreal has taken a strong stand against it. For some people, the topic of oil production raises ecological outcries. For others, producing oil in Alberta means a vastly improved economy for the province and other provinces throughout Canada. Instead of offering negative viewpoints, governmental officials may want to consider the consequences if the master plan is terminated. Abundant oil in Alberta offers a way to increase jobs, productivity and stability for all Canadians, in spite of other pressing problems.
Other Industries Offer a Positive Economic Perspective for Alberta
In spite of economic instability, Alberta has grown and will continue to grow in the midst of dire economic predictions by financial spectators. Those who actually live in Alberta have observed growth in the construction industry, finance and various types of business services. I myself live in Edmonton, and have experienced no shortage of business since opening my own digital marketing agency in January 2016. I asked John Cameron, owner of one of the biggest construction companies in Edmonton, if Alberta is doomed to live the rest of its existence as an impoverished province. Mr. Cameron, without batting an eye, stated his emphatic opinion that "Alberta will continue to survive in face of it's temporary economic slump."
Lower Business Taxes Continue to Attract New Entrepreneurs to Alberta
Since business owners in Alberta pay extremely low taxes, the area will continue to attract new businesses. An entrepreneur with a large business located in Alberta only pays a 10 per cent corporate tax. A small business owner's taxes equal approximately three per cent. Business owners in the Alberta province can focus on growing their businesses because they do not need to worry about paying high taxes. With zero capital taxes or general sales taxes offering strong competition in comparison with other Canadian provinces, Alberta has a strong future in that regard.
A Recession is Not the End of Alberta
Even if Alberta does go into recession mode, the province is bound to recover. Higher oil prices combined with successful retail businesses and a modest demand for new homes help Alberta retain strength and vitality. Tourism is another positive avenue to consider. With the prospect of tourists continuing to visit Alberta now and in subsequent decades, merchants can harbor positive thoughts about their livelihoods. While some residents may leave the province, others will continue to persevere and grow. In a world of pessimistic forecasts, positive energies endure. With abundant small businesses and entrepreneurs who do not give up easily, Alberta will survive and thrive.
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