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Canada's leading economic forecasters are projecting that the Saskatchewan economy will bounce back from a temporary setback to become one of the top performers again in 2010.
"We're not heading into a recession - we're coming out of one," Finance Minister Rod Gantefoer said. "All the independent forecasters are projecting a strong rebound for Saskatchewan's economy in 2010."
The Conference Board of Canada forecast released today predicts Saskatchewan will post economic growth of 3.7 per cent in 2010, second best in the country. On average, Canada's nine leading economic forecasters - the Conference Board, Global Insight, C4SE, TD, RBC, BMO, CIBC, Scotiabank and Laurentian - are projecting an economic growth rate for Saskatchewan of 2.8 per cent in 2010, tied with BC for the best in Canada.
Like every other Canadian province, Saskatchewan's economy is expected to shrink in 2009, but the province's economic downturn should be short-lived Gantefoer said. "After the kind of growth we've had in the last couple of years, a slowdown is not too surprising," Gantefoer said. "We'll see a dip into negative territory this year, but we have every reason to be confident that we'll be near the front of the pack again in 2010." "There is no doubt that the troubles of the potash industry have presented us with some major challenges this year. But the Saskatchewan economy has proven to be extremely resilient. "We have the lowest unemployment rate in Canada and our population is growing at its fastest pace in over 50 years. And 2010 should be an even stronger year for Saskatchewan's economy."