There are some positive signs Calgary’s economy is turning around, according to the 2009-2019 Socio-Economic Outlook, but city officials warn the recovery pace will be slow.
The city released the annual report yesterday, projecting the economy’s fate over a period of 10 years, and found Calgary’s economy is forecasted to contract by 2.5 per cent in 2009 and then increase by 2.2 per cent in 2010.
“Calgary’s local economy will continue to strengthen as global economies begin to recover,” city economist Patrick Walters said.
Socially, however, a lot of Calgarians are feeling the pinch with the current economic situation, said social planner Derek Cook.
“The families that were low savings-high debt before this hit were hit really hard when the economy downturned. That has an effect on the entire city and middle-income families are feeling it, too,” he said.
Cook said it will take a couple years before the city economy really starts to level out.