Canada is once again in the list of the world’s 10 largest economies and the population growth of the country thanks to immigration is a major reason for its economic development, the latest edition of the World Economic League Table report has revealed. The report is published annually by the Centre for Economics and Business Research based in the UK.
Canada attributes 75 percent of its population growth to immigration, mostly in the economic category. As population growth is crucial to sustain the economic growth of the country, Canada is gradually increasing the immigration levels. As a country with low birth rates a population aging at a fast rate, Canada still needs to rely on immigration to maintain a healthy population growth rate.
Studies indicate that by 2040, one in every four people in Canada will be above the age of 65. A sizeable labour force is needed to stimulate economic activity and bolster tax revenues in the country.
According to the Centre for Economics and Business Research,population growth caused by immigration has significantly contributed towards the economic strength of Canada. The Centre, in a press release accompanying the report, observes that those countries which successfully attract skilled migrants tend to grow faster. This statement is verified by the examples of Canada and Australia, which, the release says, are the two ‘western’ economies which are successful in attracting skilled migrants to the country. Canada is predicted to be the 8th largest economy and Australia the 13th largest.
Canada is currently the 10 largest economy in the world with a GDP of US$1.731 trillion (CAD$2.251 trillion) in 2019. The Centre was expecting Canada’s economy to continue to slip down the ranking in as in 2016. But its latest report, released on December 26, 2019, reveals that Canada’s economy is projected to rise to the ninth-largest in the world by 2024 and No. 8 by 2029.
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