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Edmonton’s economy will continue to grow, but the boom times are over and unlikely to come back anytime soon, city chief economist John Rose says.

“We’re in a growth mode here in the city, as is the province as a whole, but people need to keep their expectations under control,” he said Wednesday following a presentation at the Art Gallery of Alberta to the Economics Society of Northern Alberta.

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“When I say we’re returning to growth, (Edmontonians and other Albertans) think we’re returning to a boom. Well, we’re not returning to a boom. We’re returning to modest, sustainable growth.”

The major factor limiting Alberta’s future annual economic expansion to between two per cent and 2.5 per cent, roughly half what was seen in 2010 to 2014, is that when oil prices rise much above $55 US a barrel, increased American production pushes them down again, Rose said.

“I would say the excessive boom days are over. We’re not going back to four, 4-1/2, five per cent growth. I don’t see that coming. Now, if there were some sort of major geopolitical dislocation, maybe we could see something, but it would have to be something very dramatic.”