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Immigrants to play a key role in economic recovery of Canada

Immigrants to play a key role

The COVID-19 crisis, no doubt, has severely affected economies around the world, including that of Canada. In this context, the country has to adjust its Immigration Plan to fit to the current state of affairs. According to immigration experts, it would not be wise for the country to bring down the immigration levels as Canada needs immigrants than ever before to boost the economic recovery after the crisis.
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The International Monetary Fund(IMF) has termed the current economic crisis as the worst in world history after the Great Depression and predicts that the global economy is likely to contract by 3 per cent in 2020. Canada announced its Immigration Levels Plan for the years 2020-2022 just a few weeks before the COVID-19 crisis erupted. Little did the Canada immigration authorities know at that time that the global economy was marching towards such a major crisis. But taking into concern the current state of affairs, it is necessary to ask whether Canada would go ahead with its existing immigration levels plan or scale it back.

Canada needs more immigrants

In the current Immigration Levels Plan, Canada has set an ambitious target to welcome 300,000 immigrants per year. The country needs immigrants to tackle the demographic challenges it faces, which are caused by low birth rate and an aging population. Immigration is the main driver of population growth in the country. More population means more labour force, which will boost the country’s economy. So bringing down the number of immigrants would be detrimental to Canada’s economic growth.

Canada’s economy to rebound soon

Canada is one of the strongest economies in the world and it is expected that Canada’s economy will return to its growth course soon after the COVID-19 crisis is over. Canada also has one of the lowest unemployment rates. As more workers in the baby boomer generation are about to retire and the Canadian economy is expanding, it is expected that the country would be needing more immigrant workers.

Immigrants will promote job creation

Immigration entrepreneurs created 25 percent of the new private sector jobs between 2003 and 2013, according to a study. It is expected that the immigrant entrepreneurs will continue to create more jobs after the Corona crisis too, Further, the immigrants bring with them their savings which also fuel economic activity in the country. Not only the immigrants, but also international students contribute towards Canadian economy. Canada has over 600,000 international students and they contribute around $22 billion to the economy.
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