Alberta's prosperity far from assuredProvince lags in innovation, venture capitalBy
Gary Lamphier,
Edmonton JournalJune 12, 2010 Alberta's massive oil and gas wealth has made it an economic powerhouse.
If one goes by standard measures such as average household income, GDP per capita or government debt levels, Alberta is in a league of its own. Which is why TD Bank once hailed the province as Canada's "Western Tiger."
But a new report on Alberta's competitiveness -- prepared for Alberta Finance and Enterprise by PricewaterhouseCoopers -- paints a more mixed picture. Although it too ranks Alberta at the top of the class in terms of overall living standards and economic well-being, it warns the province's future prosperity is far from assured.
In fact, Alberta lags behind other jurisdictions in key areas such as innovation, access to venture capital, labour productivity growth and the percentage of the working population with post-secondary degrees, the report notes.
"Government and industry both have a role to play in achieving sustainable prosperity. However, incremental changes, be it in government regulations or business R&D expenditures, will not be enough to achieve this desired outcome. A fundamentally different, more synergistic approach is required," it states.
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