Top three takeaways

1. We expect that the energy sector, which has served as Alberta’s economic backbone, will stabilize but not grow in 2021.

However, we anticipate that the technology and digital sector, agriculture and agri-food, and the renewable energy and clean energy technology sector will become growth engines for Alberta’s economy.

2. Diversification is about growth and stability rather than diversification for its own sake.

A problem in Alberta is that the oil and gas industry is volatile so we would benefit from growth in areas that can offset these ups and downs while also providing new opportunities. Alberta is poised for growth in a wide range of sectors but it will take time for these transitions to be fully realized.

3. We’re more adaptable than we think.

“There’s a failure to recognize that not only problems, but also solutions, can grow exponentially.” These are the words of Prof. Jan Boersema, quoted in “Humankind: A hopeful history” by Rutger Bregman. This sentiment doesn’t ignore or minimize the problems we experience. We still have to face them and not for a moment think they don’t exist. But at the same time, we have to focus on the solutions, which can also grow exponentially.