On January 28, the Calgary Chamber hosted an Economic Outlook with National Bank, featuring a keynote address and fireside chat with Laurent Ferreira, President and CEO, and Stéfane Marion, Chief Economist and Strategist. In their address, they shared their perspectives on key trends and risks shaping Canada’s economy and what to expect for the year ahead.
As we continue on a path of geopolitical uncertainty, Mr. Ferreira reiterated Prime Minister Carney’s sentiment about the opportunity to redefine Canada’s sovereignty. Canada has an abundance of economic potential in its natural resources and critical infrastructure that can be leveraged to mobilize capital and stimulate new investments.
Reflecting on current economic trends, Mr. Marion stated that Alberta is key to ensuring Canada is a compelling place to invest. National Bank is the 15th largest bank in North America and has been actively expanding its presence into the West, with 2,800 of their employees working in western Canada – more than half of which are in Alberta.
Key takeaways from Mr. Marion:
- Despite a drop in energy prices, data centres are on the rise; this will surge in electricity prices.
- Investment in the manufacturing sector is down in every province, except Alberta, which has remained static since the 1990s. Mr. Marion highlighted the need to revitalize Canada’s manufacturing sector, prioritizing natural resources, such as natural gas, to create easier access to energy sources and exploit our competitive advantage.
- The federal government has committed to increasing defense spending to five per cent of the country’s GDP by 2035.
- Alberta has the lowest regulatory barriers in the country, which makes the province an ideal location to deploy capital. Restoring growth to Canada’s economy will require dismantling the regulatory barriers that prevent the country from fully developing and processing our own resources – and Alberta is essential to this process.
- In order for Canada to become an energy superpower, we need to rebuild capital stock in the energy sector. This will ultimately bring foreign direct investment back to Canada.
Looking forward, Mr. Ferreira and Mr. Marion feel cautiously optimistic about the state of Canada’s economy; Canada’s priorities are National Bank’s priorities, and we need to keep working together and focusing on solutions to move investments.
The Calgary Chamber extends sincere thanks to National Bank for their support and sponsorship of this event.
