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Canada needs more immigrants to sustain economic growth: Researchers

Canada needs more immigrants

Canada’s population is aging fast and birth rate is declining, which is about to pose certain challenges to the growth of the country’s economy. So Canada needs more immigrants to sustain the economic growth and support the aging cohorts, stated a new report by the economics department of the Royal Bank of Canada (RBC).
pnp finderCanada will be welcoming 1.3 million immigrants between 2022 and 2024. According to the RBC analysts, this will reverse the trend during the pandemic period, when Canada rates dropped significantly and led to the slowing down of population growth. From mid-2000 to mid-2021, Canada’s population growth was a mere 0.5 per cent, the slowest rate recorded in half a century. But since then, the immigration has rebounded, having welcomed around 400,000 immigrants by the end of 2021.

Canada needs more immigrants

The RBC report says that low population growth could hamper Canada’s economic growth. It is predicted that Canada’s natural population growth would drop to zero by 2030. So, Canada needs even more newcomers to grow its workforce, according to the researchers. An aging population means fewer people of working age. As immigrants tend to be younger, they will help to ensure that Canada has enough workforce to promote the country’s economic growth. As Canada is already facing a severe labour shortage, the problem could only be tackled with immigration.

Why migrate to Canada?

Nowadays, more and more people choose to migrate to Canada in search of a better future. Canada offers its permanent residents and citizens a number of advantages. High living standards, more career opportunities, better pay, free school education for children, free healthcare are some of these benefits. The country also has a sophisticated immigration system that selects candidates on the basis of their ability to contribute towards the growth of Canada’s economy. There are multiple pathways for migration to Canada which include Express Entry, Provincial Nominee Program, etc. The candidates may choose the best pathway based on their skills, work experience, family and future aspirations.

Are you interested in becoming  a permanent resident of Canada? Find out how, with the help of Canada migration experts of CanApprove. Visit our office which is the nearest to you or contact us by mail or phone.

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