Skip to main content
The Globe and Mail
Support Quality Journalism
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); }
Coronavirus information
Coronavirus information
The Zero Canada Project provides resources to help you make the most of staying home.
Visit the hub

Premier Jason Kenney says his government’s blueprint to reboot Alberta’s distressed economy will be announced Monday in Calgary.

“It will be a bold and ambitious plan to make strategic investments to get people working right now when we need it most, but also to invest in the long-term productivity of our economy,” Mr. Kenney said Friday.

He said it will involve the largest-ever spending on public infrastructure, including areas such as health care and transportation.

Story continues below advertisement

There will also be a focus on diversifying the economy in critical growth sectors while buttressing the existing oil and gas industry.

It will be a plan for a province that was looking at a $7-billion budget deficit this year before the COVID-19 pandemic drained away jobs and business activity, and a global oil price war collapsed profits for its wellspring industry.

The budget deficit for this year is now pegged at $20 billion.

In March, Mr. Kenney announced the appointment of a 12-member economic advisory panel, including former prime minister Stephen Harper, to provide guidance on the relaunch.

Mr. Kenney has been sharply criticized by the NDP Opposition for pursuing growth strategies in oil and gas while ignoring emerging industries such as high-tech and artificial intelligence.

Mr. Kenney’s government, when it took power, cancelled tax incentives designed to grow high-tech. He said those programs were ineffective as they reached a small percentage of the tech market.

On Thursday, Mr. Kenney said part of Monday’s plan will include the outline of a new program to incentivize job-creating investment in the information technology, digital and innovation sector.

Story continues below advertisement

“We will be outlining a number of sectoral strategies in areas of our economy that we need to grow in order to diversify while also articulating policies that ensure a strong future for the oil and gas sector.”

Mr. Kenney won last year’s election on a promise to galvanize Alberta’s economy, struggling even then with low oil and gas prices. He promised a pan-economic, less-is-more approach, championing broad incentives and then letting the free market take its course.

To that end, his government cut the corporate income tax rate, reduced the minimum wage for those under 18, and scrapped the provincial consumer carbon tax, though that levy was later replaced with a federal version.

Albertans have the lowest overall tax burden among Canadian provinces, and Albertans do not pay a provincial sales tax.

Since then, as the oil and gas economy has continued to struggle, Mr. Kenney has assumed a more direct interventionist approach.

In March, his government agreed to provide $1.5-billion to Calgary-based TC Energy Corporation, enabling the completion of the KXL pipeline to ultimately take Alberta crude across the United States to refiners and shippers on the Gulf Coast.

Story continues below advertisement

The $1.5-billion in equity investment will be followed by a $6-billion loan guarantee next year.

Mr. Kenney has said Alberta will be able to sell its shares for a profit after the pipeline is built and it will generate a net return of more than $30-billion through royalties and higher prices for its oil over the next two decades.

We have a weekly Western Canada newsletter written by our B.C. and Alberta bureau chiefs, providing a comprehensive package of the news you need to know about the region and its place in the issues facing Canada. Sign up today.

Report an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies