According to the new report of the Conference Board of Canada, time has come that Canada works on improving the job outcomes for its immigrants. This step is critical for Canada to understand the importance of higher immigration levels.
Just like most other countries, Canada now also benefits immensely from its immigrants in terms of economic growth. It is an obviously known fact that immigrants play quite a significant role in boosting Canada’s economy, but yet, there still are lots more sphere of influence that can be done to make things much better.
The chances that is restricting Canada from seeking maximum advantages from immigration lies in its own employment difficulties. The Conference Board of Canada is of the view that Canada should raise its immigration levels in the seasons to come in order to facilitate a better economy for the nation.
The Board has been on the plan about deciding on the figure range of immigrants to be allowed in Canada in few years to come. This is a subject that has been often discussed with immigration policies in the past few years. This report even mentions a prediction of Canada’s economic prospect under three immigration strategies from the year 2017-2040.
So what’s the highlights of Canada’s New Immigration?
Canada’s economy is aggressively challenging the problems of an aging population as well as a reduced birth rate. In a scene like this, the Advisory Council of Economic Growth has decided to raise the target of immigration levels in Canada from 300,000 to 450,000 per year. A consistent increase in the annual target of immigration levels looks to be the best solution to aid Canada’s economic development.
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The final annual immigration target will be officially broadcasted by November 1 this year. Until then the Canadian government has put up a report stressing on the influence of increased immigration levels on Canada’s economic scenario. First of all an increased immigration level will have a clear impact on the actual Gross Domestic Productivity GDP growth. This will be a realistic outcome of an increased population that will add up to Canada’s economy. It is carefully calculated that if the annual target of 450,000 immigrants is consistently maintained till the year 2025, Canada’s real GDP would see a significant boom by an average of 2.05% per year till 2040 from now.
Another natural change that is expected out of an increased annual immigration target is a sharp reduction in the role of adult population in the economy, as immigrants obviously shift into a younger category. This will consequently result in a reduction in health care costs and add up to the better growth of the economy.
The Canadian government also required to pay attention to a number of labor market issues like underemployment that often surface when immigrants come in so as to yield optimum benefits from a raised immigration level, and cause them to lose out on their wages. This often results to a failed productivity on the part of the immigrants that therefore affects Canada’s economy in the terms of fallen tax revenue and low purchasing power. Thus, the Canadian government is also expected to pay attention to these problems along with raising its immigration levels.