Saskatchewan: The Economic Powerhouse

Canada has long been heralded as a worldwide leader in economic recovery. At Synergy Merchant Services, we are proud to call small to medium-sized business owners our clients, as they have helped to make up the bulk of the nation’s ability to bounce back after the recession.

We have kept our eye on a number of reports, over the past year or so, that have highlighted the various achievements of businesses across Canada and their roles in rebuilding the economy. And just yesterday, QMI Agency released a report naming one province the country’s leader in this area.

Congratulations go out to Saskatchewan! Reported to be “the fastest-growing Canadian province this year thanks to its potash and agricultural products, expanding at almost twice the national rate” by the Royal Bank of Canada, the prairie province’s economy is expected to expand by 4.3 per cent this year and 4.1 per cent next year.

Craig Wright is RBC’s chief economist and senior vice-president. Said Wright: “2011 is shaping up to be a golden age for Saskatchewan’s economy as it rides the tidal wave created by strong global demand for its various natural resources. We expect to see a positive ripple effect on incomes and capital spending in the province.”

Known on maps as a giant rectangular land mass in the middle of Canada, the province of Saskatchewan is still a relatively small place when you think about it. It’s 588,276 square kilometres is home to just over one million people, according to Wikipedia. That’s approximately a fifth of the population of the Greater Toronto Area.

Nevertheless, Saskatchewan has the strongest financial outlook in the country. QMI notes that the outlook for the rest of Canada is uncertain even though economists are optimistic that the nation will not soon face another economic downturn. Growth is still expected throughout the country in the coming year.

QMI Agency also reveals that the RBC report found that “after Saskatchewan, Alberta and Newfoundland and Labrador will be the next best performers.” At the bottom of the pack, however, are Quebec and the Atlantic provinces of New Brunswick and Nova Scotia.