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BMO: Newfoundland and Labrador to slip into recession

by Jamie Henry | Mortgage Broker News | May 12, 2015

Economists at BMO Nesbitt Burns forecast that Newfoundland and Labrador will slip into recession this year but Alberta will narrowly avoid one.

Sal Guatieri wrote in a client note that BMO expects the national economy to slide by half of one per cent this year but that the oil producing provinces will be hardest hit. With NL and Alberta flat or lower Saskatchewan will avoid recession but slow to 1 per cent according to the report.

With oil prices having rebounded from earlier lows there is some better news in the outlook; it’s expected that the national economy will grow by 2 per cent for the year with potentially stronger growth next year.