"The economic fallout from last year's oil price plunge has continued to reverberate through the province so far this year. And just as the global oil market has provided a decent whiff of recovery, the northern part of the province was hit by the outbreak of wildfires in May," the report states.
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A new report from TD Economics says the current downturn in Alberta’s economy could be among the most severe ever. The estimated 3 per cent slide in GDP for 2016 will add to the 3.5 per cent decline since 2014; 6.5 per cent is double the contraction of the province’s previous 4 recessions.