Canada may have dodged economists’ worst-case fears from Alberta fires

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Fort McMurray wildfire evacuee Sklyar Saunders smiles at the evacuee camp in Wandering River, Alberta.

A quick restart of Canadian oil sands production will probably spare the country’s economy any significant damage from wildfires that ripped through Alberta this month.

Fires that knocked an estimated 1 million barrels a day offline over the past week will trim 2016 growth by 1/10th of a percentage point, according to a the median forecast in a Bloomberg survey of 10 economists. They see the economy expanding 1.6 per cent this year. The immediate impact will be to reduce second quarter annualized growth by 0.9 points to 0.25 per cent, a loss that will be made up later in the year.

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One Comments

  • Financial Astrology 09 / 04 / 2017 Reply

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