Immigration helped Canada withstand the global slowdown that affected major economies in 2019, says a news report in Live Mint. The Canada economy retained a solid pace of growth during the economic slowdown because of the gains in the labour force, according to the report.
The data from OECD shows that the labour force of Canada grew two percent last year, which means a faster growth compared to the US and Japan. The major reason for the increase in labour force was population growth and 80 percent of Canada’s population growth is attributed to immigration.
The population growth has also resulted in an increase in consumer spending as a result of which sales and prices remained high. It has helped Canada successfully tide over the global slowdown in trade and investment, and the sluggish growth of global economy altogether.
Since the early 2000s, Canada has been enjoying a high population growth at an annual average of around one percent. Since Canada government increased the immigration levels in 2016, population growth rate increased to 1.4 percent in 2018. This growth rate is the fastest among the G7 countries, according to the report. In the year ended in October 2019, the annual population growth rate was 1.5 percent, says the estimates by the Canadian government.
Canada’s total population is 38 million. In 2019, Canada welcomed a total of 340,000 new permanent residents, compared to 270,000 in 2015. Another 810,000 permits were issued too international students and temporary workers in 2019, compared to 470000 permits issued in 2015.
Economists observe that the increase in population fuelled by a high immigration growth rate helped Canada’s economy expand by almost 1.5 percent in 2019. The high population growth also gave a boost to Canada’s housing markets.
According to economists, the Canadian immigration system that selects immigrants on the basis of their ability to economically establish in the country, which is assessed on parameters such as the education qualification of candidates, language proficiency, job offer etc., is highly benefiting to the country. Canada selects almost 60 percent of immigrants based on these criteria.
Canada, being a country with low natural population growth, is keen about welcoming immigrants to sustain its economic growth. Start the preparations for Canada migration right now! Contact us to know more about your options to move to Canada permanently.