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Sector-specific strategies will be rolled out in the coming weeks in areas including financial services, tourism and petrochemical manufacturing.
Lowering the tax rate will reduce costs for large companies and make the province more competitive to attract investment, said Alberta Chambers of Commerce CEO Ken Kobly.
The emphasis on economic diversification is also welcomed. “It’s important to talk about economic diversification, but also important to take some steps towards it,” Kobly said.
The government pegged the incremental cost of its new announcements Monday at just over $2 billion. Kenney reiterated Alberta’s deficit this year is estimated to be around $20 billion.
Overall, the various measures, while meaningful, are classic policy responses to a recession. However, with such a unique economic downturn, more will need to be done, said Tombe.
“There is no thinking outside-the-box here, which is a little disappointing, but maybe we’ll get some more innovative ideas to come,” he added.
Chris Varcoe is a Calgary Herald columnist.
