Alberta is expected to ride out “rough economic waters” on the horizon, according to Calgary Economic Development’s 2023 economic.

Calgary and the province will avoid major financial setbacks in the year ahead, despite forecasts of a global recession, an economist says.

That's due to commodity price-driven growth and the momentum of long-term diversification of Calgary and Alberta's economy.

According to Rob Roach, ATB Financial's deputy chief economist, the province's GDP is expected to grow by five per cent this year — and approximately three per cent in 2023.

ATB Financial forecasts Alberta’s 2022 GDP growth will be 5.0 per cent, and dip to approximately 3.0 per cent next year.

Those forecasts stand in contrast to Manulife Investment Management’s forecast of negative GDP growth nationwide next year.

“We’re still going to experience those rough waters here in Alberta, but because we’re doing a little bit better — commodity prices and other positive things — we’ll be able to weather that storm a little bit better than other places,” Roach said.

But the cost of living, coupled with the lifestyle associated with the city, has been drawing people to Calgary. It's a positive sign of things to come, said Brad Parry, president of Calgary Economic Development.