flooding expected to drown our growth
This article is published at 6/7/11 (2958 days ago)
Therefore, the information in it may no longer be up to date.
Another major bank predicts that flooding in Manitoba will seriously affect economic growth this year.
Scotiabank predicts in the latest provincial trend report released on Wednesday that Manitoba will release its fifth
China\'s best economic growth in the next two years
Average 2. 5 per cent.
But bank economist Alex Koustas said that growth in Manitoba would be better without land flooding, and the province estimates that land flooding has prevented farmers from planting a record 3 million acres of land this year.
Koustas declined to speculate on how much GDP output could increase if weather conditions return to normal after humidityplagued 2010.
\"But it\'s a big amount,\" he said . \".
The Bank of Montreal estimates that last year\'s wet weather caused crop and animal production to drop by almost a full percentage point from GDP growth in the 10th century.
The report says it looks like the economic impact is likely to be even greater this year.
Manitoba Agriculture Minister Stan Struthers also said last month that crop production lost in 2011 is expected to absorb about $1 billion from the economy.
But despite the water crisis, Scotiabank said the province\'s performance this year should be stable.
Only Alberta is expected to do better (3. 7 per cent)Province of SA (3. 5)
Newfoundland and Labrador (3. 3)
And BC (3. 0)
\"The diversified economy will ensure the stable contribution of multiple industries such as food packaging, machinery manufacturing, utilities, and ensure the continuous performance of its financial, real estate and insurance industries, the bank commented on the outlook for Manitoba.
Koustas also pointed out that the rehabilitation of floods requires a lot of reconstruction and rehabilitation work, which will generate more economic activity and growth. murray.
McNeil @ freepress. mb.