Immigrants will play a key role in Canada’s economic recovery post Coronavirus
Posted on April 21, 2020
The Coronavirus pandemic, it is predicted will create a negative impact on economies around the world. In fact, the IMF has predicted that the global economy will reduce by 3 percent and the economic fallout of this pandemic will surpass that of the Great Depression.
Considering the impact, those wishing to migrate to other countries are a little skeptical about their immigration dreams. But the good news is countries such as Canada are keen to welcome immigrants to the country as planned.
The government of Canada, just before the pandemic became serious has announced in its immigration plans to invite 341,000 immigrants in 2020, an additional 351,000 in 2021, and welcome another 361,000 immigrants in 2022. The good news is that the Canadian government is determined to continue the immigration process despite COVID-19. At the same time, the government is taking adequate precautions to protect its people.
The immigration authorities in Canada are trying to provide uninterrupted immigration services for those who are in the process of applying for a Canadian visa or intend to apply for one. Apart from this, immigration draws continue to happen.
There are various reasons why Canada wants to continue with its immigration policies.
Demographic situation and labor requirements:
Canada faces unique demographic circumstances. It has an aging population coupled with a low birth rate. The result is there are not enough local people to replace the diminishing population. So, the country must take in more immigrants to contribute to the population and the labor force in the country.
Immigrants contribute to the labor force. They add to the workforce and contribute to the tax funds that fund their public services such as social security benefits and healthcare facilities. With more immigrants coming in, Canadian employers can find the talent that they need.
Canada’s economy is expected to quickly rebound:
The consensus among economists is that once social distancing policies are relaxed, the Canadian and global economies will recover relatively quickly.
This means immigrants will also have more job opportunities.
Canada’s pre-Coronavirus economy tells us so much of what we can expect once the economy is back to normal.
Canada’s unemployment rate was at an all-time low leading up to the coronavirus pandemic and its economy experienced a decade of prosperity following the 2008 global financial crisis.
Likewise, Canadian-born workers and immigrants will gain from the economic recovery post-Coronavirus. It is realistic to expect Canada to tackle job shortages again in the coming years, and even more so than before COVID-19 when all of Canada’s 9 million baby boomers will hit retirement age in the next decade.
Immigrants will play a crucial role:
Immigration will play a crucial role in helping Canada’s economic recovery, as immigrants will help fill newly generated jobs and, in many ways, even promote job growth.
Research by Statistics Canada indicates that many immigrants intend to start a business in Canada. Immigrants with entrepreneurial skills who set up businesses in the country create jobs and drive innovation. They attract investment to the country and contribute to the economy.
Finally, immigrants bring substantial savings with them which helps to boost the economic activity that is crucial to the development of jobs in Canada.
In order to ensure that immigrants continue to contribute to the country’s development, the Canadian government will continue to welcome immigrants.