Alberta Budget 2021: What Are the Benefits to the Innovation Economy

Amid the red ink spilled by Alberta’s response to the COVID-19 pandemic and energy sector struggles, the budget Finance Minister Travis Toews tabled Thursday afternoon gives more than details of the province’s plans to develop its innovation economy.

The United Conservative Party (UCP) government projects a deficit of $ 18.2 billion for fiscal year 2021-2022, based on real GDP growth of 4.8% this calendar year, slightly above the ‘consensus estimate by economists at major banks, as Toews promised. devote to urgent needs like health care and infrastructure.

The leaders of the province’s technology sector have interrogates government commitment to diversify Alberta’s economy beyond energy, particularly as a result of the UCP cancelation popular tax incentives, which The logic reported were a factor in digital media company Wattpad which chose Halifax over Calgary for a new office. The government has since promised new programs and supports to encourage innovative businesses to start or relocate to Alberta. But Toews’ speech on Thursday made it clear that the long-standing engine of the province’s economy is still the number one priority. “Some suggest that the diversification of the economy requires a transition from our traditional sectors such as energy,” he said. “Let me be clear…. This is not the position of this government.

Here’s what you need to know about the Alberta budget.

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