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Economist says adaptability is key to improving provincial and national economy

Oct 13, 2016 | 12:10 PM

LETHBRIDGE – There is light on the horizon for Alberta’s economy, according to ATB Financial’s Chief Economist, Todd Hirsch.

Hirsch – who has worked as an economist for over 20 years with numerous organizations, including the Bank of Canada – was one of the keynote speakers at the ‘Opportunity South: Conference and Business Expo’, hosted by the Lethbridge Chamber of Commerce at Exhibition Park.

“We’re in now the second year of a recession in Alberta, 2015 and 2016, I do expect in 2017 the energy industry will stabilize, that’s about as good as it’s going to get though,” Hirsch told Lethbridge News Now following his address to the crowd. “We’re not seeing a lot of growth coming back because we’re really not expecting prices to rebound too much more then where it’s at right now, probably around $50 a barrel.”

From there his message became brighter, as he explained how the Alberta economy can begin to move forward.

“I think some growth comes back to Alberta next year, modest growth, and that is being lifted by those other industries, notably agriculture and agri-foods, and Lethbridge and southern Alberta is a huge part of that, and other industries like tourism and forestry, which are also doing well at the moment,” stated Hirsch.

For Alberta and the entire country to be successful though, Hirsch says everyone needs to step up their creativity, innovation and entrepreneurialism.

“As individual Canadians and as businesses, we have to develop those in ourselves and we can’t wait for our government to give us a tax credit to become more creative. Government can play a useful role in maybe nudging us in certain directions, but ultimately it comes down to us as Canadians, do we want to do the heavy lifting and change some of our habits and attitudes?

“There’s so much fear right now in Alberta and I always encourage people to remember that this is not the first downturn we’ve seen and this is not the last one we are going to see,” Hirsch continued. “This one is turning out to be one of the longer ones and maybe one of the deeper ones since the one in the 80’s, so people are feeling nervous and anxious about it, but I always encourage people to remember that Alberta will come through this, and will come through it in stronger shape.”