Since large number of Calgarians were employed in the energy sector, the effects of the economic crisis of the early 1980s were significant, and the unemployment rate was skyrocketing. However, by the end of the decade the economy recovered. Calgary authorities quickly realized that the city should not focus entirely on oil and gas, and its economy has since become more diverse. The period of recession marks the transformation of Calgary into a large multinational center. This transformation was "fixed" in 1988, when the city hosted the Winter Olympic Games. Due to the growing prices for oil, the economical development in Calgary until the end of 2008 was the fastest in the country. Despite the fact that the oil and gas industry was a significant part of the economy, the city invested heavily in other areas, including tourism and high technologies. Currently, more than 3.1 million people visit the city every year to attend its festivals and places of rest, especially in Calgary Stampede.
