The economy in Alberta has been going steady and has had a large contraction for 2 years now, with a deficit coming close to almost $11 billion. The first monetary update that was disclosed by the NDP government showed that there was a 31 percent increase in the province’s plans and intention to borrow some cash to take care of expenses for functional purposes, with $7 billion needed to take care of other complex overheads.
The Government revenues which have been helping the oil prices in the country to improve tremendously is currently facing pressure as the loss of jobs has heightened and consumers reduce their expenses, taken a huge toll on taxes.
There was a slight ease in the recession and a cooling down from last year with a retrenchment of 2.7 percent compared to last year’s figure of 3.7 percent. On the other hand, the government and officials are saying that the slump will be far worse than that of the one that occurred in 1982 and 1983.