Mining Weekly reported that lower oil prices this year may lead to a recession in Canada’s richest province, Alberta, as reported by the Conference Board of Canada.

As quoted in the market news:

Several economists have cut their growth expectations in recent months as the price of a barrel of oil has plummeted from US$105 as recently as June last year to under $45 today. But in its report the board goes further and says the province faces more than just a slowdown — it could see an actual recession.

Daniel Fields, an economist at the not-for-profit research organization, stated:

Going forward, the province is certain to suffer, especially on the employment front, from the drop in oil prices — and it is likely to slip into recession.

Click here for the full Mining Weekly report.