A major U.S. bank is warning Canadians what to expect from the rout in the oil market: “There will be blood.”
That warning from JPMorgan Chase & Co. is largely aimed at the province of Alberta, home to Canada’s oil patch, but the collapse in oil prices will filter through the broader economy.
The Wall Street giant, like others, suggest a recession in Alberta, with slower economic growth in other parts of the economy. Economists generally now forecast growth of 2 per cent or lower in Canada this year.
That warning from JPMorgan Chase & Co. is largely aimed at the province of Alberta, home to Canada’s oil patch, but the collapse in oil prices will filter through the broader economy.
The Wall Street giant, like others, suggest a recession in Alberta, with slower economic growth in other parts of the economy. Economists generally now forecast growth of 2 per cent or lower in Canada this year.