Canada could withstand the global slowdown that affected major economies in 2019 thanks to immigration, a Live Mint news report has observed. The gains in the labour force helped the Canadian economy retain a solid pace of growth during the period of economic slowdown, the report said.
According to the data from OECD, the labour force of Canada grew two percent last year. It marks a faster growth compared to the US and Japan. This increase in labour force is attributed to the population growth in Canada, 80 percent of which comes from immigration.
The population growth has increased consumer spending, which led to sales and prices remaining high. As a result, Canada could successfully tide over the global slowdown in trade and investment as well as the sluggish growth of the global economy.
Canada’s population growth has been high since the early 2000s, at an annual average rate of around one percent. Canada government’s decision to increase the immigration levels in 2016 resulted in the population growth rate of the country rising to 1.4 percent in 2018. This is the fastest growth rate among the G7 countries, says the news report. The annual population growth rate further increased to 1.5 percent in the year ended in October 2019, shows the estimates by the Canadian government.
Economic experts observe that Canada’s economy expanded by almost 1.5 percent in 2019 owing to the increase in population fueled by a high immigration growth rate. The high population growth also held Canada’s housing markets upbeat.
Canadian immigration system selects immigrants on the basis of their ability to economically establish in the country. Their potential is assessed on parameters such as the educational qualification of candidates, language proficiency, job offer, etc. This system of selecting immigrants is benefiting the country in many ways, according to economists. Canada selects almost 60 percent of immigrants based on these criteria.
Canada has a low birth rate and a population aging fast. Because of this reason, the country has opened its doors to eligible immigrants who can contribute towards sustaining the healthy growth of the country’s economy. If you wish to move to Canada permanently, this is the right time to start the preparations. Contact us for the best professional assistance for Canada migration.