Statement: Economic outlook in fiscal update still to rosy

August 23, 2016

CALGARY – Today’s fiscal update by the Government of Alberta shows a continued provincial budget approach based on hope. There are few surprises in this fiscal update, however the continuing lack of structural change to our province’s finances, combined with overly-optimistic economic outlook is concerning to the Calgary business community.

“While we recognize that in this economic environment the government has a responsibility to provide stability and investment, the business community is also looking for more action on cost control. Something this government has been reluctant to do,” says Justin Smith, Director of Policy for the Calgary Chamber.

“What most concerns us is a ‘cross our fingers and hope’ view of the province’s economic future. Already since budget 2016, we’ve seen the government nearly double it’s forecast for economic contraction. The business perspective is that planning for 2.7% growth in 2017 is highly optimistic. A more prudent approach would be to assume zero growth, and pursue prudent cost reduction,” said Smith.

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To schedule an interview, contact Scott Crockatt at media@calgarychamber.com or 403-681-5529.

About the Calgary Chamber

The Calgary Chamber is a non-profit, non-partisan organization. For 125 years the Chamber has worked to connect Calgary’s businesses, help them grow and expand their influence in an effort to make the city an even better place to live and work for all.

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