Oil Prices

: Tough times in Alberta, N.L. Meanwhile, the oil-producing provinces are looking at tougher times, with Alberta economy contracting by 0.7 per cent this year and N.L. expecting a 0.1 per cent contraction, caused mainly by stalled investment, the provincial outlook says, according to CBC. Lack of new business investment, especially in the oil industry, will be a drag on economies as oil prices remain in the $60 range. There are "winds of change" blowing through the Canadian economy, it said, that will shift economic growth to Central Canada, Manitoba and B.C. "The outlook is more upbeat in Quebec and Ontario than it has been in years," the report says. "While flagship sectors, such as auto assembly and aerospace, face stiff external competition, exports in general will benefit greatly from the weaker loonie and better U.S. performance." A combination of strong exports, especially of forestry and building products, and a hot housing market will have B.C. leading growth this year, with its GDP expanding by 3.1 per cent. "The economy actually did quite well in 2014 and it going to continue to build on that momentum," said Marie-Christine Bernard, associate director of provincial forecast service with the Conference Board of Canada. "Manufacturing is doing quite well in B.C., the forestry sector as well with the rebound in housing starts in the U.S., but British Columbia also the whole service sector is doing well," she said in an interview with CBC News. While other economists have not predicted a recession for Alberta, Bernard said as data comes in, a downturn looks increasingly likely. "We don't think that province will be able to avoid a recession. The decline in drilling has led to job losses and that has Albertans pulling back on their spending, Bernard added. Just the decline in capital investment that has been announced, we think that the Alberta economy will contract by 0.7 per cent in 2015," she said. (news.financializer.com). As reported in the news.