Even as early as last October, ATB was projecting a modest economic recovery in 2016, but it now says that hope has evaporated. It also predicts the weak economy will continue to weigh down the retail and housing markets. "However, barring a major global economic event later this year, a modest rebound in 2017 is likely," the report states. "This coupled with a drop in investment, sliding retail sales and a weak labour market have pinned our province's economy down for another difficult year," the report states. ATB expects the province's unemployment rate will rise above eight per cent this summer.

Source: CBC News July 12, 2016 16:41 UTC