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Canada faces a demand for workers and immigrants are important for it - Bank of Canada Governor

March 2018, 15
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Stephen Poloz, Governor Bank of Canada has stated that the Immigrants can play a major role in the growth of the economy and also off-set the increasing shortage of skilled labor. Immigration was crucial to keep the inflation in check and to balance the trend of an aging workforce in the country. 

There was a need to step up Immigration and develop the sources of labor existing in the population.
The economy in Canada was presently experiencing an increased demand and many companies were operating at full capacity. Owing to this growth more new jobs have been created and there are increased job vacancies also.
The economic growth cannot happen unless there are professionals available to fill up the new jobs, he added. There was a significant need to have a healthy, functioning labor market.
He was referring to the data provided by Statistics Canada which shows that the job vacancies increased to 470,000 in the fall of 2017. The business leaders have remarked that most of these vacancies remained unfilled because there were no workers possessing the right skills.
The remedy for removing this shortage, as per Poloz is that Canada must accelerate the process of integration of fresh immigrants as workers, and take measures for improving the participation rate of women, youth, and Indigenous peoples in the workforce of the country.
Considering all these factors the Canadian labor force can be expanded and half a million workers can be added to it.  This measure would boost the potential output of Canada by 1.5 percent, translating to $30 billion per annum.
The digital economy can create new jobs
There have been quick advancements in the use of digital technology which has the capacity to produce fresh demands for workers possessing the required skills. New applications had created professions which were not imagined a few years ago. A decade back the Social Media Managers, Cloud Computing Engineers, and Smartphone App Developers did not exist. There was a need for Canada to gain from such innovations and use the income-inducing effect of these jobs, he added. The present world faces exciting times and there are various fresh opportunities, technologies, and industries to use and grow he concluded.

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