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TWO NEW REPORTS HIGHLIGHT GROWING CONFIDENCE IN SASKATCHEWAN’S ECONOMY

Released on March 26, 2008

Two separate reports released today by the Canada West Foundation and the Canadian Federation of Independent Business (CFIB) both point to continued economic growth in Saskatchewan.

Enterprise and Innovation Minister Lyle Stewart said the two reports indicate a growing sense of confidence and optimism in Saskatchewan.

"Saskatchewan has shed its image as a have-not province and is now seen as an economic leader in Canada and North America," Stewart said. "While much of the U.S. and other parts of Canada are now bracing for an economic downturn, Saskatchewan's economy will remain strong, and the investments in infrastructure outlined in last week's budget will ensure our province is ready for growth."

The Canada West Foundation is forecasting Saskatchewan to lead the nation with economic growth of 3.6 per cent in 2008.

"The outlook for the Saskatchewan economy is very favourable for virtually every sector," the Canada West Foundation said in its report 'Beyond Expectations: Saskatchewan Economic Profile and Forecast'. "Overall, Saskatchewan will be the top economic performer in Canada. Economic strength within Canada has shifted westward and Saskatchewan has moved to the top of the economic leaderboard."

The report outlines Saskatchewan's growing strength in the oil and gas sector, mining, manufacturing, agriculture, research and high-tech, construction and capital investment.

Meanwhile, the CFIB Quarterly Business Barometer report released today shows that business confidence in Saskatchewan remains high.

The CFIB report reflects how well business owners expect their own firms to perform over the next 12 months. It shows that Saskatchewan firms are the most optimistic in Western Canada and rank second in the nation in optimism - second only to Newfoundland and Labrador.

"Our government was elected with a mandate to sustain the economic momentum and these two reports suggest that we are on the right track," Stewart said.

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For more information, contact:

Kathy Young
Executive Council
Regina
Phone: 306-787-0425
Email: kathy.young@gov.sk.ca
Cell: 306-526-8927

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