A new report has stated the reliance on Canada’s Labour Market on immigrants to sustain the country’s economy.
Although the expected graduates between 2019 and 2040 are estimated to be above 11 million, the number of retirees are however higher, more than 13 million, according to a report by Conference Board of Canada.
It further stated that there is a wide gap in the country’s labor market with regards to the workforce and due to the fertility rate on the low side and the increasing aging population, it is however noted that talents from other places worldwide are needed to enhance the Labour force of the country. As such, immigration is considered the best solution for this shortage in order to maintain the high living standards of the country.
Different scenarios with their impending outcomes on the country’s economy in the future were presented in the report.
A scenario considered the consequences that would be faced if new immigrants aren’t welcomed in Canada in the given period.
Increased participation, change in technology, and the impact of immigration on the country’s economic outcomes and Labour force was another scenario considered.
However, the report stated that the best solution was for the country to increase the participation of indigenous people, disabled and women in the Labour force and also raise immigration levels gradually as well.
Labour Force Growth
According to the report, with yearly labor force growth of 1.1%, the size of Canada’s force could be increased with the right combination by almost 6 million workers between now and 2040.
The report concluded that the scenario is important in that it will benefit the economy of the country, as well as alleviate poverty, strengthen cohesion and social inclusion and also promote economic growth.
The liberal government of Canada has planned to raise the targeted immigration newcomers to 350,000 yearly by 2021.
In late October 2018, the Immigration level plan was released. This plan is set to target more than a million immigrants over the next three years – 330,800 in 2019, 341,000 in 2020 and finally 350,000 in 2021.
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