Canada needs to brace itself for the economic fallout of a possible drop in the number of temporary residents, including temporary foreign workers and international students, it receives every year, notes a study conducted by an economist at Desjardins.<\/p>\n
In Temporary Workers, Temporary Growth? How a Slowdown in the Recent Migration Surge Could Exacerbate Canada\u2019s Downturn<\/i>, Desjardins principal economist Marc Desormeaux warns that the record numbers of temporary residents could soon ease off.<\/p>\n
Since temporary residents are the primary drivers of population growth in Canada, a significant drop in their numbers could lead to a stalling of the Canadian economy.<\/p>\n
\u201cHistory suggests the recent surge (in the number of temporary residents in Canada) could ease significantly, exacerbating a nascent economic slowdown,\u201d cautions Desormeaux.<\/p>\n
\u201cThat could have significant consequences nationwide, most notably in the largest provinces.\u201d<\/p>\n
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Immigration From Hong Kong Spikes As IRCC Eases Restrictions<\/a><\/span> British Columbia and Ontario\u2019s most recent fiscal plans include contingencies for that possible scenario in an attempt to create buffers to the accompanying downturn in tax revenues to provincial coffers and a more sluggish economy should there be a drop in temporary residents.<\/p>\n \u201cWe must nonetheless consider downside demographic scenarios, particularly when potentially higherforlonger interest rates pose risks for economic growth, borrowing costs and debt sustainability over time,\u201d notes Desormeaux.<\/p>\n In British Columbia and Ontario, he predicts a downturn in temporary residents could create a 0.8 to 1.9 percentage point drag on economic growth next year.<\/p>\n He recommends Canada beef up its data collection on the numbers of temporary residents in the country.<\/p>\n \u201cWe also reiterate our call for more and better data on temporary migration. For the foreseeable future, Canada and all its provinces will continue to grapple with the immense challenges of a rapidly aging population and a lack of affordable housing supply. To meet these challenges, we\u2019ll need clear information about the individuals who can help address them.\u201d<\/p>\n Statistics Canada seems to agree.<\/p>\n This month, it started publishing new data tables estimating the number of temporary residents in the country after an economic report claimed the statistical and demographic services agency may be undercounting them by more than a million.<\/p>\n The revised methodology StatsCan is set to follow was implemented Sept. 27 and will go back to 2021 to estimate the population of temporary residents.<\/p>\n The latest data from Immigration, Refugees and Citizenship Canada (IRCC) reveals Canada issued 458,915 work permits<\/span><\/a> under the International Mobility Program (IMP) last year and another 692,550 such permits in the first eight months of this year.<\/p>\n Video<\/b><\/p>\n
\nImmigration From India To Drop As Canada Pulls Out Personnel<\/span><\/a>
\nMore Immigration Needed To Resolve Housing Crisis, Conference Board Of Canada Says<\/span><\/a><\/span><\/p>\n
\nStatsCan Starting To Count Temporary Residents More Carefully<\/h3>\n
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