Immigration is a Vital Factor in Canadian Economic Growth in Next Decade -7th January, 2020

Immigration is a Vital Factor in Canadian Economic Growth in Next Decade
Canada has once again gained its place in the world’s top 10 biggest economies list and immigration will empower the growth of the economy in the country in the following decade, unveils by the recent edition of the Table report of the World Economic League. The report is announced yearly by the Center for Business and Economics Research based in the UK.

The Center states that the population increase caused by immigration has also provided the economic strength to Canada. In a press announcement attending the report, the Center observes that nations that are thriving in attracting skilled newcomers tend to grow quicker. This statement is proved by the examples of Australia and Canada, which are shown out to be two ‘western’ economies that are successful in bringing skilled newcomers. Canada is assumed to be the 8th biggest economy and Australia the 13th biggest by 2034.

Statistics of the Report

Around 75% of Canadian population growth comes from immigration, mostly in the economic category. Having this in mind, Canada is constantly improving the immigration levels to support the growth of the economy in the country. With decreased birth rates and an increase in the aging population, Canada would still require depending on immigrants to meet its labor requirements. It is predicted that 1 in 4 people in Canada would be 65 years or above in 2040. A sizable labor force has to be managed to stimulate the activity of the economy and boost tax revenues, as per the report.

Canada is presently the 10th biggest economy in the globe with a GDP of USD 1.731 trillion (equals to CAD 2.251 trillion) in 2019. In reality, as of 2016, the Center was assuming that the Canadian economy to proceed to slip down the ranking. But its latest projection, published on 26 December 2019, portrays a different picture, with the Canadian economy, forecasted to rise to the 9th biggest in the world by 2024 and 8th biggest by 2029. A steady economy and higher living standards make Canada an engaging destination for newcomers.

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