Calgary has hit the lowest point of the economic downturn but is set for a rebound in 2010, says a city economist.

The city Thursday released Calgary’s first quarter financial update and forecasts a two per cent drop in economic activity in 2009 with an inflation rate hovering around 1.2 per cent.

Economist Patrick Walters said the city has hit the lowest ebb for its economy in decades but he expects there will be a fast turnaround.

“I think this is as low as we’ve been for the last 20 years but I don’t think that it will get any worse,” he said.

The forecast calls for economic activity to buck the current trend in 2010 with an increase by 1.2 per cent, while inflation is expected to rise by 1.5 per cent.

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