Immigration to power Canada’s economic growth in next decade

Canada has once again found its place in the list of the world’s 10 largest economies and immigration will power the economic growth of the country in the next decade, reveals the latest edition of the World Economic League Table  report. The report is published annually by the Centre for Economics and Business Research based in the UK.

The Centre says that the population growth caused by immigration has also contributed towards the economic strength of Canada. In a press release accompanying the report, the Centre observes that countries that are successful in attracting skilled migrants tend to grow faster. This statement is verified by the examples of Canada and Australia, which are pointed out to be two ‘western’ economies which are successful in attracting skilled migrants. Canada is predicted to be the 8^th largest economy and Australia the 13^th largest by 2034.
Around 75 percent of Canada’s population growth comes from immigration, mostly in economic category. Keeping this in mind, Canada is gradually increasing the immigration levels to sustain the economic growth of the country. With low birth rates and an aging population, Canada would still need to rely on immigrants to satisfy its labour needs. It is anticipated that one in four people in Canada would be 65 or older in 2040. A sizeable labour force has to be maintained to stimulate economic activity and bolster tax revenues, according to the report.
Canada is currently the 10th largest economy in the world with a GDP of US$1.731 trillion (CAD$2.251 trillion) in 2019. In fact, as of 2016, the Centre was expecting Canada’s economy to continue to slip down the ranking. But its newest projection, released on December 26, 2019, paints a different picture, with Canada’s economy projected to rise to the ninth-largest in the world by 2024 and eighth largest by 2029.
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