Kenney to unveil economy reboot plan Monday

Record-high spending on infrastructure to be highlighted in ambitious strategy

GRANDE PRAIRIE Premier Jason Kenney says his government’s blueprint to reboot Alberta’s distressed economy will be announced Monday in Calgary.

“It will be a bold and ambitious plan to make strategic investments to get people working right now when we need it most, but also to invest in the long-term productivity of our economy,” Kenney said.

He said it will involve record-high spending on public infrastructure, including areas such as health care and transportation.

There will also be a focus on diversifying the economy in critical growth sectors while buttressing the existing oil and gas industry.

It will be a plan for a province that was looking at a $7-billion budget deficit this year before the COVID-19 pandemic drained away jobs and business activity, and a global oil price war collapsed profits for its wellspring industry.

The budget deficit for this year is now pegged at $20 billion.

In March, Kenney announced a 12-member economic advisory panel, including former prime minister Stephen Harper, to provide guidance on the relaunch.

Kenney has been sharply criticized by the NDP Opposition for pursuing growth strategies in oil and gas while ignoring emerging industries such as high-tech and artificial intelligence.

Kenney’s government, when it took power, cancelled tax incentives designed to grow high-tech. He said those programs were ineffective as they reached a small percentage of the tech market.

On Thursday, Kenney said part of Monday’s plan will include the outline of a new program to incentivize job-creating investment in the information technology, digital and innovation sector.

“We will be outlining a number of sectoral strategies in areas of our economy that we need to grow in order to diversify while also articulating policies that ensure a strong future for the oil and gas sector.” The Canadian Press