Calgary's economy is poised for significant growth, with projections indicating a GDP increase of 2.5% in 2024 and 2.8% in 2025, surpassing national averages. This optimism is fueled by factors such as population growth, enhanced access to energy markets, and sector diversification, particularly in technology and hydrogen [31d22a03]. At a recent Economic Outlook event held on October 8, 2024, President and CEO of Calgary Economic Development, Brad Parry, emphasized the city's role as an economic engine, while Mayor Jyoti Gondek underscored the importance of fostering investor confidence to maintain this momentum [31d22a03].
However, geopolitical uncertainties loom large over this optimistic forecast. Former U.S. Ambassador Bruce Heyman highlighted the potential risks associated with the upcoming U.S. presidential election, warning that a return of Donald Trump could negatively impact Canada-U.S. relations and lead to new tariffs that would affect trade [31d22a03]. This concern is echoed by Premier Danielle Smith, who pointed out that while Alberta enjoys low tax rates and record venture capital investment, external political dynamics could disrupt local economic stability [31d22a03].
The diversification of Alberta's economy, particularly into technology and renewable energy sectors, is seen as a strength that could help mitigate some of these risks [31d22a03]. Brad Parry noted that collaboration between government and the private sector will be critical for sustaining growth and innovation in Calgary's economy [31d22a03].
As the U.S. election approaches, the interplay between political developments and Calgary's economic strategies will be essential in navigating the challenges ahead. The potential impact of U.S. political changes on trade relations and market stability is a significant factor that local leaders must address to ensure continued economic growth [31d22a03].
