Western Experts Bullish on Canadian Economy Compared to US
26-Feb-2010Economists and financial analysts in Western Canada think Canada’s economy will outperform that of the US over the next six months. The latest results from the Western Economic expectations survey show that 64% of respondents indicated the Canadian economy would perform “somewhat” or “much” better, while only 40% of respondents chose those categories for the US economy.
The electronic survey was completed by over 300 economists and financial analysts in British Columbia, Alberta, Saskatchewan and Manitoba between January 25th and February 12th.
While 2010 forecasts for GDP growth in Canada and the US vary, many do suggest that Canada will marginally outpace the US. For example, President Obama’s forecast from his budget proposal unveiled in February indicated 2.7 growth, while the Bank of Canada’s forecast for Canadian growth in 2010 is currently 2.9 percent.
This, however, does not explain why respondents were significantly more bullish on Canada. Jason Brisbois, Chief Economist at the Western Centre for Economic Research, suggests, “Respondents might be looking at the Canadian economy from a western perspective.”
When asked in the same survey how their province’s economy looks for the next six months, respondents were also very optimistic. For example, 70 % of Alberta respondents indicated their province’s economy would be somewhat or much better.
The survey results are accurate within 5%, 18 times out of 20.
The details of the responses from the three economic growth questions asked in the survey are provided in the attached background report. The survey’s findings regarding federal initiative to create a national securities regulator will be released the week March 1st, and findings on the trade priorities for Canada will be released the week of March 8th.
The online Western Economic Expectations survey solicits views on the future economic performance of the western provinces and the country from over 2,000 economists and financial analysts who are closest to the working details of the Western Canadian economy.
The survey covers people who use economics in their work, in universities and colleges, industry associations, economic development agencies, the private sector and the public service across Western Canada.
The survey is conducted through a partnership between Alberta’s two premier economic and policy research centres, the Canada West Foundation in Calgary and the Western Centre for Economic Research at the University of Alberta School of Business in Edmonton. It is the only survey that solicits economic views from people in all four western provinces.
The survey is conducted electronically three times a year with the results released in October, February and June.
For additional information, please contact:
Jason Brisbois
(780)492-4104
jason.brisbois@ualberta.ca