A growing number of observers now believe the Bank of Canada could cut interest rates again next week as the already powerful economic storm clouds darken further.

Economists have been marking down their prospects for economic growth this year along with their projections for oil prices.

Alberta, in particular, could see another year of recession, though milder than in 2015. Of course, provinces such as Ontario and British Columbia are seen faring much better.

Remember, too, that Bank of Canada Governor Stephen Poloz has shown he can be aggressive, shocking the markets a year ago with a surprise rate cut and then following up with a second cut later in the year.

At the time, Mr. Poloz called it “insurance” amid the oil troubles, which have escalated since then.

Here’s the latest:

“Next week marks the one-year anniversary of the Bank of Canada’s shock decision to cut interest rates - i.e., a day of infamy for Canadian financial market forecasters. We now suspect that the balance of factors leans towards a third 25-basis-point rate trim at

Wednesday’s decision, bringing the overnight rate full circle to the lows reached in 2009-10 at 0.25 per cent. Such a move would be much less of a shock than a year ago, although markets are currently assuming that the extra rate cut is more likely in the ensuing meetings in March or April..” Douglas Porter and Benjamin Reitzes, BMO Nesbitt Burns

“With oil prices having declined significantly in recent months, reaching their lowest levels since 2003, and indications that growth stalled in Q4, we believe there will be further drag to growth in 2016 coming from capex and commodity-related sector. As a result, we believe that the Bank of Canada will cut its policy rate by 25 basis points to 0.25 per cent at next week’s meeting, to buy some protection against a worsening of the economic situation. The negative impact on the economy will be unambiguously negative and could be much bigger than seen before, and the delay in implementation of fiscal policy means that increased fiscal spending would not affect growth until Q3.” Charles St-Arnaud, Nomura

“We see the odds having tilted in recent days, and are now ever so slightly on the side of seeing a rate cut in January, or April at the latest. That’s not based on a recommendation to do so, as at this point, we’re concerned about risks of a runaway [Canadian dollar], believe the currency to be weak enough to do the job on the trade side, see little if any benefit in terms of generating more debt financed private sector activity, and would argue that a larger fiscal stimulus package that has the federal government do the additional borrowing/spending would be preferable for longer term financial stability. A $30-billion federal deficit, for example, would still be moderate at 1.5 per cent of GDP, but would add an additional half point of GDP to growth vs. the election platform.” Avery Shenfeld, CIBC World Markets

“If energy prices remain persistently low, one rate cut will not likely be enough to stimulate the economy back to a reasonable growth path. In that case, the BoC may adopt forward guidance later in 2016. Another possible scenario is that the federal government ramps up its infrastructure stimulus spending to provide a greater boost to the economy than initially planned.” Emanuella Enenajor, Bank of America Merrill Lynch

“Over all, the recent plunge in commodity prices has thrown a proverbial spanner in the works, with grim implications for investment and employment prospects this year. We doubt that the bank will risk waiting for the federal government to deliver its promised stimulus plan. Accordingly, we think that there is a good chance that the bank will cut its key policy rate to 0.25 per cent next week, from 0.50 per cent. And if oil prices fail to recover later this year, then we wouldn’t rule out another rate cut before year end.” David Madani, Capital Economics