World economic growth is expected to increase by about four per cent in 2003, according to Alberta Economic Development’s Global Economic Outlook 2002-2003.
The estimate exceeds the expected growth of between 2.6 and 3.1 per cent for 2002. At the same time, growth in world trade — international exports and imports — is expected to exceed seven per cent in 2003.
"Economic diversification and a strong performance in the past year mean that Alberta is well-positioned to take advantage of the improving global economic outlook," said Economic Development Minister Mark Norris. "Because Alberta is an exporting economy, world trade growth estimates for 2003 are a particularly positive sign."
Alberta's economy grew by 4.5 per cent in 2001, the fastest rate of growth in Canada. The value of the province's exports increased by 2.8 per cent, with more than $56.9 billion of goods exported to more than 170 countries.
The economy of the U.S. — Alberta's primary trading partner — began expanding in the fourth quarter of 2001, leading to strong growth in the first quarter of 2002. The U.S. economy is expected to grow between 2.3 and three per cent in 2002 and between 3.4 and 3.7 per cent in 2003, according to the outlook.
"In the past year the world has experienced a high-tech meltdown, a drop in manufacturing output, low growth in capital spending and the events of Sept. 11th,” Norris noted. “Modest Alberta economic growth in this context is very positive and 2003 promises to be even better."
Global Economic Outlook 2002-2003 is based on the latest forecasts of a number of international agencies. It is available on the Alberta Economic Development website at www.alberta-canada.com/statpub/econout.cfm#globout
