Canada’s top banker has doubt about the importance of Canada immigration for the country’s population growth and economic prosperity.
Bank of Canada Governor Stephen Poloz says the evidence is overwhelming that the country should continue to pursue immigration as a policy for continued Canada population growth.
In a recent speech, he said it required only ‘simple arithmetic’ to show how important Canada immigration has been, and will continue to be, for the country.
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“When trade barriers are falling, when people are coming to our shores and when investment is rising, Canadians prosper,” Poloz said.
Poloz was referencing recent figures from Statistics Canada, showing how much reliance there is on immigration to maintain population growth – and therefore growth in the Canada economy – over the next 30 years.
Immigrants and the children of immigrants could represent almost half of Canada’s population by 2036, the Statistic Canada projections suggest.
The diversity of Canada’s population is set to grow across every part of the country, although Toronto, Montreal and Vancouver will continue to dominate as the preferred places to settle for new immigrants.
The figures cast Canada in direct contrast to the U.S., where President Donald Trump is trying to limit immigration, reduce refugee numbers and build a wall along the border with Mexico.
In the year to July 2016, Canada welcomed its highest number of immigrants since current record-keeping began, boosted by the federal government drive to bringing in thousands of Syrian refugees.
While 2017 will see refugee numbers fall, the overall number of immigrants will be maintained as Immigration, Refugees and Citizenship Canada looks to make up for a shortfall of skilled workers by bringing in foreigners from abroad.
An aging population and low fertility rates make immigration crucial to Canada’s economic prosperity. Labour market growth in the coming years will be fuelled entirely by immigrants, as a trend for newcomers as an increased proportion of the population, dating back to the early 1990s, continues.
Statistics Canada says the proportion of immigrants in the population could be ‘twice as high as in 1871’.
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