The Alberta finance minister will reportedly be announcing a plan to kickstart the economy and create new jobs on Monday.
Travis Toews will be delivering his plan to the Calgary Chamber of Commerce. He will be addressing the provincial budget and government plans to increase investment and competitiveness according to CTV News.
Toews called 2020 a “turnaround year” for Alberta though not everyone shares his optimistic view.
The outbreak of COVID-19 has caused oil prices to fluctuate and has impacted trade relations with the U.S. and China.
On Thursday, North American benchmark oil prices dropped below US $47 per barrel. Alberta is budgeting for US $58 per barrel.
Toews’ plan involves lowering corporate taxes and also cutting red tape. He believes that the plan will bring in investments of approximately four billion dollars every year by 2023. Toews also says that the plan will create 55,000 jobs every year by 2022.
Last month, Alberta’s unemployment rate grew to 7.3 percent making the finance minister’s goal seem very ambitious.
Toews expects that rate to fall to 5.1 percent in the next couple of years.
The Conference Board of Canada, on the other hand, expects the rate to go to 7.8 percent this year and stick to 7.7 percent by 2023.
Opposition Leader Rachel Notley and Shannon Phillips, an NDP finance critic, have both called the finance minister’s numbers “fantasy” projections.
Notley also claimed that there is no practical plan being put into place to create jobs.
According to Toews, $6.9 billion will be spent this year on capital projects to help support an extra 3,000 jobs.
Toews noted that more investments into the Dow petrochemical facility and a Suncor wind power project worth $300 million will help employment.
The first steps in the UCP blueprint will be addressed by Alberta’s Premier Jason Kenny as well as Energy Minister Sonya Savage on Monday in Leduc, Alberta.