Until this past week I’ve been predicting the economy in Calgary would bottom out and start an upswing by Summer 2009.
After all, how long can the world delay purchasing Oil and Gas?
Looks like I’m wrong:
… it’s official: we’re not going to escape the global recession. Nor, for that matter, are we going to get off easier than a lot of other cities, as so many forecasters intimated back in October and November of 2008.
As the CED revealed this week, 2009 is looking mighty iffy, economically speaking. And we’ll be well into 2010 before things start looking up–which is more or less what a few of us have been saying for some time.
“It is likely going to get worse before it gets better,” says the CED report, authored by Legge. “The ride shall be rough during this downturn. We should all be prepared for that, and expect that it will be here for at least another 12 months.” …
… And this week, Conoco offered up a pointed reminder of just where we are at, economically speaking, when it handed out pink slips to 190 employees.
… And, of course, there is the wild card of energy pricing. Where oil prices will go, literally nobody knows–although many forecasters are calling for $55 oil through this year and $65 oil in 2010. …
The Calgary Herald – Calgary financial truth hurts
I only have 2 Calgary friends laid off, so far.
Rick McCharles 
And I heard on CNN.com that Saskatchewan has a booming economy! Yeeha!
Ya Sask still looking not too bad. University took a real hit from the market affecting pensions and investments. No panic yet but they are starting too review scenarios. Sask has always been rather conservative in its financial management unlike our neighboring province. Manitoba is doing not badly either. Again a very conservative (small c) approach. I love our crown corporations. no greedy cohort extorting money so at least the profit stays in the hands of the many. Its good to be boring sometimes.