We’re starting to get some insight from the private economic forecasters who are updating their quarterly forecasts for both the province and the country. The latest to come out is Scotia Bank.
They see Saskatchewan’s economy growing by 1.5 per cent this year and a further 1.8 points next year.
That is slower than the expansion we went through last year, but we have now recovered all the losses from the recession of a few years back. And this bank’s story has a couple chapters that are likely to turn some heads.
First of all, we are an export-dependent province. No surprise there, but the bank zeroed in our client book. We are the least dependent on the U.S. – and by a long ways. That, says ScotiaBank, gives us a position of strength to weather increasing protectionism and underscores the importance of Premier Moe’s trip to China this week.
Second, our volume of food manufacturing rose by 50 per cent in the past three years. That vastly outpaces anyone else. When you add things such as James Cameron’s pea processing plant near Saskatoon, that number will only rise.