Nova Scotia is one of the four Atlantic provinces of Canada. Population growth fuelled by immigration is expected to help the Canadian province of Nova Scotia to recover from the economic impact of COVID-19. TD Economics, in their annual economic forecast said, “Nova Scotia’s recovery should be helped by improved population growth, which in turn will benefit from higher federal immigration targets and the decision to make the Atlantic Immigration Pilot program permanent.”
The forecast further pointed out that population growth has been central to the province’s improved economic performance in recent years and has even held up relatively well thus far.
Immigration to boost economic growth
Nova Scotia was the worst affected among the Atlantic provinces in the first wave of the pandemic. Following this, the Atlantic Canadian Bubble, an agreement between the provinces of Nova Scotia, Prince Edward Island, New Brunswick and Newfoundland and Labrador, which aimed to allow the free movement of travellers within the region, burst. It ended the small benefit it had provided to the hoteliers and restaurants of the region in terms of the number of tourists coming to the region.
The pandemic has brought down immigration to dismal levels. Immigration returning to normal levels is expected to increase the population growth, which is essential for the economic recovery of Nova Scotia. However, at present, the number of immigrants settling down in the province is low owing to border restrictions and global pandemic.
Further, as the second wave of the pandemic is almost ending in Canada, the exports from the province are expected to increase and the hospitality sector will soon be revived. Besides, investment in major projects including the decommissioning of offshore oil projects is expected to improve the economic growth of Nova Scotia.
More immigrants in coming years
The total number of immigrants who settled in Nova Scotia last year was 4075. 490 came to Nova Scotia through Family Sponsorship programs. The number of economic immigrants who settled in the country in 2020 was 1090.
Canada has set an ambitious immigration target for the next three years. As per the Immigration Levels Plan of Canada for 2021-2023, more than four lakh immigrants will enter the country each year. Naturally, this will result in more immigrants settling in Nova Scotia.