Study Says Immigration is Key to Canada’s Economic Growth

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Study Says Immigration is Key to Canada’s Economic Growth

A new study states that even if all the current graduates and under-represented groups in the Labour market like the indigenous people, women and disabled were harnessed by Canada, immigrants will still be relied on for the satisfaction of the country’s labour needs.

According to the Friday report which was released by Conference Board of Canada, with a low birth rate in continuity and the possibility of one in four people being 65, the country will still need immigrants to support its labour force in order to maintain healthy growth.

It is estimated that between 2018 and 2040, about 11.8m Canada citizens will be employed into the workforce, though this is small compared to about 13.4m workers who are retiring during this time.

According to a 57-page study titled “Can’t Go it Alone. Immigration is key to Canada’s Growth Strategy.” in addition to the low fertility rate, the reality of this may create a fiscal or economic pressure, and in order for the country’s high standards to be maintained, solutions must be met.

Immigration Helps

Compared to the 300,000 yearly immigrant intake currently and about 250,000 annually over the last ten years, by 2021 yearly immigrants intake under the liberal government is estimated to increase to about 350,000. This is to help relieve the impact of the impending low rate of nationals.

According to the Conference Board, immigration will aid in the growth of the economy and Labour force in Canada. As such, if the immigration rate is raised by 1% by 2039, the Labor force will gain about 5.3m workers, and the economy will grow by one third in more than 20 years in future.

However, while there may be the elimination of jobs through advancements in technology, new jobs may arise from it as well.

According to a study by Brookfield Institute as cited by the Conference Board, about 42% of all Canadian jobs will potentially be replaced by technology in the next two decades. However, only 12.7% of workers who have degrees in higher institutions will likely be replaced, and this is good for the immigrants as a higher percentage of them have higher education degrees.

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