The Top Economic Stories of 2020 Part 3 of 5

China has become, and will continue to be, a source of important economic news. From a trade war with the United States to its rapid economic recovery in the face of COVID to the signing of the The Regional Comprehensive Economic Partnership (RCEP), China continues to make large economic waves with ripple effects felt around the world, including Alberta.

Some of us on The Owl team are long enough in the tooth to remember when the big economic player and newsmaker in Asia was Japan. China was barely on the radar.

Fast forward to today, and even though…

The Top Economic Stories of 2020 Part 2 of 5

ATB Economics

Second only to the pandemic in terms of its negative impact on the Alberta economy in 2020 is the oil price war between Saudi Arabia and Russia.

Back in January 2020 before COVID was a household word, the U.S. Energy Information Administration’s (EIA) forecast for the average price of a barrel of West Texas Intermediate (WTI) crude in 2020 was $US59. As of December 8, the EIA expects the 2020 average to come in just under $39. The price averaged $57 in 2019.

The demand destruction brought on by the pandemic is the main reason for the difference, but bad…