By The Canadian Press

TD Bank has upbeat outlook for Alberta economy

Sep 13, 2018 | 3:53 PM

The TD Bank says Alberta’s battered economy is heading in the right direction but warns there are still a number of hurdles that could have a negative impact on its recovery.

Deputy chief economist Derek Burleton predicts economic growth of up to 2.5 per cent for the province following an unexpected increase of nearly five per cent in 2017.

Burleton says oil production should return to pre-recession levels next year but it will be 2020 before Alberta’s jobless numbers drop.

He says many new jobs are either part-time or self-employed as large employers are slow to begin rehiring workers at the end of a recession.

Burleton says lack of pipeline access remains a concern along with a lack of investment in Alberta.

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But he says the resiliency of global oil demand, a limited supply outside of Alberta and decreasing production costs will create opportunities for the sector.