By Brittney Matejka

Economist’s have said we are out of a recession, but it doesn’t feel like it.

Nov 20, 2017 | 4:39 PM

MEDICINE HAT, AB. – ATB released their latest Alberta Economic Outlook, showing the economy here in Alberta growing by about 4% so far this year. The highest provincial growth in all of Canada.

The report shows growth in many sectors in Alberta including energy, retail, manufacturing and housing sectors.

Todd Hirsch, ATB’s Chief Economist credits the recent increase in price of oil to $50 to $60 per barrel to helping boost the economy, however he predicts the growth will slow to 2.5% in 2018 as this continues.

Although these numbers suggest the recession is over, Hirsch said it may not feel like it.

HERE'S WHAT TO KNOW

Summer pool hours extended and discounts applied as Big Marble Go Centre upgrades start

Apr 18, 2024

Medicine Hat company drawing in clients with witty signage

Apr 16, 2024

Medicine Hat College holding event for missing and murdered Indigenous women awareness day

Apr 16, 2024

“The unemployment rate is still remaining around 8%, for a lot of Albertans that is still going to make it feel like we are in a recession,” he explained.

Glen Allan, Economics instructor at Medicine Hat College echoed these comments however he only predicts the local Medicine Hat economy to only have grown approximately 1.8% in 2017.

“We had contraction for 2 years, so even as our economy improves its going to take people awhile to realize and accept. Then Medicine Hat and area is really a natural gas region, so as those prices increase or strengthen, I think that will effect our economy more,” he said.

Allan went on to further explain how looking at recent economic growth numbers are looking in the rear view mirror at the past and not the present moment.