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Immigration and Enhanced Labour Involvement Will Improve Canadian Economy

May 2019, 08
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Immigration and Enhanced Labour Involvement Will Improve Canadian Economy

Immigration joined with efforts to increase the involvement of under-represented groups in Canada’s labor force is “the best path” for assuring the economic growth of the country and high living standards across the next 20 years, states a new Conference Board of Canada study. 

Immigration is Important to Growth Strategy of Canada, the study analyzes a diversity of labor force scenarios over the upcoming years 2018 to 2040 before coming at its conclusion.

Approximately one-fourth of the people will be 65 or more in 2040 — related to 17% at present — which indicates that in the lack of labor force growth results, Canada would suffer even higher pressure to support the health care that its citizens more depend on in their senior years, the study states.

11.8 million students leaving schools in Canada between 2018 and 2040 will give the bulk of the nations workers and tax base, they will not be sufficient to make up for the 13.4 million workers who are projected to leave the labor force through this period.

One Percent Immigration

Immigration that led a yearly rate equal to one percent of the Canadian population by 2030 will continue a developmental solution for the coming labor market crisis, the study states, considering for all of net labor force increase — 3.7 million workers and 1/3rd of the economic growth rate of Canada over the next couple of decades.

On the power of one percent immigration solely, Canada’s labor force capacity would attain at 23.3 million workers in the year 2040 related to 19.8 million in the year 2018, the study states.

Increasing the cooperation rates of women, persons with disabilities and Native peoples would add approximately 2.2 million workers and CAD 101 billion to the economy of Canada by 2040.

Another under-represented labor pools could also add to the labor force increase, the report states, such as disengaged workers and individuals within the ages of 55 and higher.

Incorporation of immigration and the improved labor market participation of women, persons with disabilities and Indigenous peoples, would improve Canada’s labor force to 25.5 million workers in the year 2040.

The Canadian government plan for immigration levels in 2019 to 2021 answers to this demographic difficulty and has Canada reaching a rate of immigration just over 0.9% in its third year, with the majority slated to come through its different immigration programs in economic class.

Plenty of the 11.8 million Canadians who will be exiting from school and entering the workforce within 2018 and 2040 will be the children of immigrants.

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