As per the Conference Board of Canada, immigration needs to be enhanced in order to sustain the economic growth against ageing population in the country. This furthers affirms the demands for immigration increase being raised by various industries and organizations in Canada.
Canada needs to increase annual immigration to 407,000
As per the latest report on demographic patterns of Canada, the country needs to boost the immigration level to 407,000 (increase of one-third in the current level) by the year 2030, in order to combat the challenges raised by ageing population and maintain its economic growth
Ageing Population- a huge Concern in Canada
Ageing population is a huge concern and challenge for the economy and growth of the Canada in the 21st century. As per the latest report shared by CBC (Conference Board of Canada), at present, people at 65 and above share the 16 percent of total population in Canada, which is likely to increase to 24 percent in the next 20 years.
The research analyzers have observed 5 scenarios between the situation at now and in 2100 based on the birth rate around 1.55 children per women and long life expectancy. The impact was discussed on the workforce development and government expenses to be occurred on healthcare benefits and old age security endowment.
Impact of Ageing Population on the workforce and economic development
As per the CBC report, the ageing population of Canada is going to have considerable impact on the economic development and growth. Moreover, the low workforce growth shall adversely affect the household budget. At the same time sluggish economic growth will also cause the low investment expenditure.
The slow economic growth with also reduce the amount of revenue generation by the government, whereas, it would be required badly by the government in view of the increased expenditure caused by ageing population. So it will be completely a crisis situation for the government in the near future.
Hike in Immigration is the key to tackle the issues raised by ageing population
Immigration hike can certainly increase the labour force of Canada and consequently contribute in the faster economic development and growth. As per the Conference Board of Canada (CBC) Report, natural rate of population increase add 120,000 people annually, to the overall population. However, it is likely to fall considerably in the years to come, in view of the expected rise in the deaths and drop in the birth rate.
The current immigration level (i.e. 260,000) the economic growth of Canada will decrease gradually from 2 percent at now to 1.6 percent by 2050. This is the reason that CBC is insisting to raise immigration level to 407,000 by year 2030.
Its right time to apply for Canadian PR if you are a Skilled Professional
If you are a skilled professional looking to live, work and settle in Canada, this is the perfect time to apply for Permanent Residency Visa. The different industries are facing the skill shortage in Canada and the federal government has also given indication to boost the immigration level soon.
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