In this section, you’ll find out about the influence
of the global economy and its impact on Saskatchewan. You’ll
get a sense of economic trends in Canada and in Saskatchewan
and learn about the key aspects of our provincial economy.
The International Scene
Saskatchewan’s economic performance is strongly influenced
by the conditions found in the global economy. For most of the
1990s the industrialized world, led by the United States, experienced
economic growth. More recently there has been a slowdown in
economic growth.
The Canadian Scene
Canada’s economy has been fairly buoyant over the recent
past. Consumer spending, business investment and trade with
other countries have all contributed to economic expansion.
Economic growth is expected to continue for the next few years,
though at a slower rate.
The Saskatchewan Scene
Saskatchewan’s economy has grown every year since 1990,
with the exception of 1992, when the province was in a recession.
Since 1992, our Gross Domestic Product (GDP) has increased an
average of 3.4% a year and over 36,000 new jobs have been created.
The steps taken by the province to diversify the economy contributed
to this growth. Diversifying the economy means that the province
doesn't rely on one industry for its economic health.
Along with agriculture, the energy, mining and service industries
now play a strong role. Saskatchewan’s diversified economy
makes it less vulnerable to unsettled conditions in the global
economy.
However, the U.S. economic slowdown affects Saskatchewan’s
economy. The most recent Saskatchewan Finance estimates forecast
that the US economy will grow at an average annual rate of 3%
from 2002 to 2004.
The estimate for Canadian growth is an average rate of 3.2%
over the same period. From these forecasts Saskatchewan Finance
estimates provincial growth of:
- 1.5% in 2002
- 2.9% in 2003 and
- 2.8% in 2004
Read on . . .
