New Immigration Proposal to Consider 450,000 Immigrants/year for Better Economy!
As per a new Conference Board of Canada report, it is high time that Canada works on improving the job outcomes for its immigrants. This step is crucial for Canada to comprehend the importance of higher immigration levels.
Like any other nation, Canada too benefits from its immigrants in terms of economic growth. It is a well-known fact that immigrants play quite a significant role in boosting Canada’s economy, but still there is a lot more in this sphere that can be done to make things much better.
The loophole that is restraining Canada from seeking optimum benefits from immigration lies in its own employment hurdles. The Conference Board of Canada is of the opinion that Canada should improve its immigration levels in the coming times to facilitate a better economy for the nation.
The Board has been in talks about deciding upon the number of immigrants to be allowed in Canada in the coming years. This is a subject that has been oft discussed along immigration policies in the previous year. This report even mentions a forecast of Canada’s economic scene under three immigration set-ups from the year 2017-2040.
Canada’s economy is fighting the challenges of an aging population as well as a low birth rate. In a situation like this, the Advisory Council of Economic Growth has opined to raise the target of immigration levels in Canada from 300,000 to 450,000 per year. An increase in the annual target of immigration levels seems to be the only solution to aid Canada’s economic growth.
Like any other nation, Canada too benefits from its immigrants in terms of economic growth. It is a well-known fact that immigrants play quite a significant role in boosting Canada’s economy, but still there is a lot more in this sphere that can be done to make things much better.
The loophole that is restraining Canada from seeking optimum benefits from immigration lies in its own employment hurdles. The Conference Board of Canada is of the opinion that Canada should improve its immigration levels in the coming times to facilitate a better economy for the nation.
The Board has been in talks about deciding upon the number of immigrants to be allowed in Canada in the coming years. This is a subject that has been oft discussed along immigration policies in the previous year. This report even mentions a forecast of Canada’s economic scene under three immigration set-ups from the year 2017-2040.
Canada’s economy is fighting the challenges of an aging population as well as a low birth rate. In a situation like this, the Advisory Council of Economic Growth has opined to raise the target of immigration levels in Canada from 300,000 to 450,000 per year. An increase in the annual target of immigration levels seems to be the only solution to aid Canada’s economic growth.
The final annual immigration target will be formally announced by November 1 this year. Till then the Canadian government has put up a report highlighting the influence of increased immigration levels on Canada’s economic scene. First and foremost an increased immigration level will have a direct impact on the real GDP growth. This will be a natural outcome of an increased population that will contribute to Canada’s economy. It is estimated that if the annual target of 450,000 immigrants is maintained till the year 2025, Canada’s real GDP would witness a rise by an average of 2.05% per year till 2040 from now.
Another significant change that is anticipated out of an increased annual immigration target is a fall in the role of seniors in the economy, as immigrants largely fall into a younger category. This will consequently result in a decrease in health care costs and contribute for the better of the economy.
In order to yield optimum benefits from an increased immigration level, the Canadian government also needs to pay attention to a number of labor market challenges like underemployment that often come in the way of immigrants and cause them to lose out on their wages. This often leads to lost productivity on the part of the immigrants that consequently affects Canada’s economy in the form of reduced tax revenue and low purchasing capacity. Hence, the Canadian government needs to pay attention to these challenges too along with increasing its immigration levels.
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