Immigrants Play a Vital Role in Canada’s Economic Growth

Immigrants Play a Vital Role in Canada’s Economic Growth

Canada needs workers, and immigration is through which the country will get them. Stephen Poloz, governor, Bank of Canada, said that immigrants play an important role in growing the Canadian economy and fulfilling the country’s growing skilled shortage.

During his March 13 speech at the Queen’s University, Kingston, Ontario, Poloz said that immigration is beneficial for keeping inflation levels in control and balance Canada’s aging workforce. Poloz strongly feels that immigration can become an important off-set as it can bring untapped sources of labor into the country. Canada’s recent rapid growth is creating more jobs that need to be fulfilled for sustaining and growing the economy even further. None of it would’ve been possible if there weren’t people available for filling the newly created jobs.

Business heads tell him that so many jobs go unfulfilled because they can’t find the right skilled people to fill them. He wants Canada to accelerate their immigration plan for integrating immigrants into the market and promoting women, youth, and indigenous people to enter the market. If Canada’s population increases by half a million in this year, it will help increase economic growth by 1.5 percent, which is around $30 billion. According to Canada three-year immigration plan, the country plans to add one million permanent residents between 2018 and 2020. 60 percent of them will be skilled immigrants.

Changing times in Canada

Poloz said that as immigrants enter the country, more and more jobs are being created. He couldn’t imagine ten years ago that social media managers, smartphone app developers, or cloud computing engineers were even valid jobs, let alone highly sought after jobs. Canada is an innovative country. Poloz said that these are exciting times. Presently in Canada, there are plenty of new opportunities, technologies, and industries waiting all around the world to be known.

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