‘Canada needs more immigrants to fill jobs’
The Canada economy is growing by leaps and bounds and immigrants have a key role in helping it grow further, says Bank of Canada Governor Stephen S. Poloz. In a lecture at Queen’s University, Poloz said that along with increased participation in the workforce, immigrants act as a source of untapped potential economic growth.
The head of Canada’s central bank further added that immigration is critical in keeping the inflation low. “The more people available to work, and the more productive they are, the greater the contribution that labour makes to supply,” he said. In every economy, demographic forces and immigration determine the available workforce.
A Statistics Canada data show that job vacancies are quickly rising, reaching a record 47,000 in 2017. Many of these vacancies are going unfilled because of the shortage of skilled workers. To have companies looking for so many skilled workers is a sign of strong economy. To help solve this shortage, Poloz said, Canada needs to speed up the integration of recent migrants into the workforce. “This would allow their important contribution to the workforce to increase more rapidly over time,” he said.
The participation of prime-age women is the need of the hour, and this could add almost 300,00 people to Canada’s workforce.
If all these factors are put together, Canada’s labour force could expand by half a million workers. This could increase the country’s potential output by as much as 1.5 percent, or about $30 billion per year. That is equal to a permanent increase in output of almost $1,000 per Canadian every year.
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