IMF raises outlook for Canadian economy, upgrades …
Economic Survey of Canada 2016 - OECD
In the 18th century, Alberta’s economy was based in the bison robe and , developing in the 19th century into ranching and eventually grain growing. The completion of the in 1885 provided market routes for Alberta grain, as well as aiding the penetration of eastern Canadian manufactured goods. Agriculture remained the dominant economic activity until the discovery of oil in the Leduc field in 1947. Since then, the agriculture industry in Alberta has been surpassed in net product value by the oil and gas industry.
The Canadian economy is adjusting to the fall in the terms of trade
From 1896 to 1914, the Canadian West experienced unprecedented growth. During the First World War, Alberta played an important role in supplying men, materials and grain to help serve the war effort. However, following the war, grain prices fluctuated and the once-important coal mining industry declined. The worldwide depression of the 1930s, accompanied by prairie drought, soil drifting and grasshopper plagues, accelerated an economic decline that had begun in the post-war years. The Social Credit League won the 1935 provincial election by promising to fight the (and the perceived eastern control of Alberta's economy) with a mixture of religious fundamentalism and radical monetary theory. However, could not combat the global nature of the Great Depression. In 1939, the world plunged into war again, and increased employment, whether in the military or wartime industry, helping to alleviate the harsh economic conditions that dominated Alberta in the 1930s.