AIMCo Chair and former CPPIB CEO Mark Wiseman said that Canada needs to make sure that immigrants are contributing to not only GDP growth, but also to GDP per capita growth.<\/p>\n
In sharing his economic outlook for 2024 with Bloomberg, Wiseman said that \u201cI don\u2019t think we\u2019re out of the woods yet, particularly in this country.\u201d<\/p>\n
\u201cThere continues to be strong growth in the US, apparently with lower inflation, at least for the time being. So that\u2019s a good signal.<\/p>\n
\u201cCanada \u2013 we\u2019re behind.<\/p>\n
\u201cThe productivity gap continues in this country, doesn\u2019t seem to be abating, and I think slower Canadian growth relative to our brother in the South is going to be a continuing problem for the Canadian economy.\u201d<\/p>\n
According to him, Canadian productivity \u2013 which is reflected in GDP per capita, income, and Canadians\u2019 wealth \u2013 is 27 percent lower than that in the US.<\/p>\n
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Canada to Give Undocumented People Pathway to Permanent Residence<\/a> A multitude of issues that cause lower productivity in Canada thus need to be addressed. According to Wiseman, Canada needs two things \u2013 it needs to \u201cdouble down\u201d on its comparative advantages, and it needs a higher degree of competition, both within Canada and with the rest of the world.<\/p>\n Immigration is one of Canada\u2019s greatest comparative advantages in the form of human capital. However, that human capital needs to become more productive.<\/p>\n This, he posits, can be achieved through a few means. Firstly, people need to be educated for the \u201cjobs of the future.\u201d This spans jobs in a variety of sectors, with a special focus on tech \u2013 especially artificial intelligence.<\/p>\n Secondly, people need to be allowed to freely work across provinces, with little to no barriers to employment or barriers to trade across the country.<\/p>\n Thirdly, it needs to be ensured that Canadian companies are spending on both physical and human capital in continuous improvement.<\/p>\n The immigrants coming to Canada, he added, are positively adding to the economy, and it needs to be ensured that they are contributing positively to not only GDP, but also GDP per capita, which is defined as a country\u2019s total gross domestic output divided by its total population.<\/p>\n Immigrants do jobs that many Canadians do not want to do, and it needs to be ensured that they are productive, said Wiseman.<\/p>\n It needs to be ensured that students to Canada are actually studying and intend to stay productively.<\/p>\n Watch Video<\/b><\/p>\n
\nQuebec Issues 1,187 Canada Immigration Invitations In New Expression Of Interest Draw<\/a>\u00a0<\/b>
\nAlberta Issues 30 Express Entry Invitations Targeting Healthcare Workers<\/a>\u00a0<\/b><\/p>\n
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