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Both the Calgary and the Alberta economies will experience recessions this year, says Glen Hodgson, chief economist with the Conference Board of Canada.

Hodgson, in Calgary Monday for the 2016 Economic Outlook, put on by Calgary Economic Development at Stampede Park, said Calgary will see a “mild recession” this year of less than one per cent while the Alberta economy will contract by 1.1 per cent.

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He said Canada will see economic growth of 2015.

The event attracted just under 1,600 people.

Hodgson said the average price of West Texas Intermediate crude oil would average about US $44-45 per barrel this year and reach $50 by the end of the year. The WTI could reach $60 by the end of next year, he said.

Mary Moran, president and chief executive with Calgary Economic Development, said the record attendance at the annual outlook event is an indication of how concerned Calgarians are about the city, the province and the country.