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The Canadian province of Prince Edward Island will recover fully from the economic impact of COVID-19 in 2021 itself. This positive prediction was made by Royal Bank of Canada economists Robert Hogue and Carrie Freestone in their economic forecast 2021 Promises Better Days from Coast to Coast. They pointed out that Prince Edward Island suffered a 3.7 per cent fall in its real GDP during the pandemic period. But this year, the province’s GDP is expected to recover by 4.2 per cent. It means the GDP will be restored to what it was in 2019.
Thus, Prince Edward Island has become one of the two Canadian provinces which will bring their economy back on track in 2021. The other province is Manitoba, as per the prediction.
Role of immigration in Prince Edward Island’s economic growth
Population growth, propelled by immigration played an important role in the sustained economic growth of the province in the past few years. As Canada is planning to welcome more immigrants in 2021, it is expected to make a positive impact in the population growth and subsequently, on the economic recovery of the province.
Another factor that is expected to promote the economic recovery of Prince Edward Island is the provincial government’s spending on infrastructure development. Besides, the vaccination drive against COVID-19 is taking place on an accelerated pace in Canada. It is expected that all Canadians will be vaccinated by the end of September. This will also bring about some normalcy and give an impetus to the economy of the country.
During the pandemic period, there has been a significant fall in the number of immigration candidates settling in Prince Edward Island. Business immigration programs were also hit hard by the pandemic.
However, the economic immigration to the province was not much affected. In 2020, a total of 1005 new permanent residents settled in Prince Edward Island through Provincial Nominee Program. In the previous year, the number was 1725.
Canada’s commitment to immigration
It should be noted that Canada is committed to boosting immigration and set ambitious targets for the next three years. This is to make up for the fall in immigration levels happened in 2020.
As per the Immigration Levels Plan of Canada for 2021-23, the country will admit 1.2 million new immigrants in these three years. In 2021, Canada is planning to admit 401000 new immigrants. For 2022, the target is 411000 and for 2023, it is 421000. Prior to the pandemic, the target for 2021 was 351000 and for 2022, it was 361000.
According to Canada Immigration Minister Marco Mendicino, immigration is essential for Canada to get through the pandemic as well as for the short-term and long-term economic growth of the country. He expects that the Immigration Levels Plan will help Canada address some of their most acute labour shortages and grow population, thus keeping the country competitive on the world stage.
Provincial Nominee Program can be the most feasible pathway for you to migrate to Canada. Explore your Canada PNP immigration options by talking to CanApprove Canada immigration consultants now.
