By CIC News |
Why the global economic slowdown is unlikely to change Canada’s immigration plans post-coronavirus?
The coronavirus pandemic is having a devastating impact on economies around the world.
The IMF projects the global economy will contract by 3 per cent in 2020, in what it calls the worst economic downturn since the Great Depression.
Of course, little did Canadian government officials know at the time of the announcement that the global economy would be heading towards such a major contraction.
Should Canada welcome more immigrants?
The current state of affairs may lead one to legitimately question whether Canada should continue with its immigration plan, or scale it back.
There is no doubt that COVID-19 will require Canada to adjust its immigration plan.
However, it would not be sound economic policy to significantly reduce Canada’s immigration levels beyond the coronavirus crisis.
The reason for this is that Canada needs immigrants more than it ever has in its modern history to promote economic growth.
Why Canada needs more immigrants
Canada’s desire to welcome over 300,000 immigrants per year is meant to help alleviate its demographic challenges.
Canada has one of the world’s lowest birth rates and one of the world’s oldest populations. As more Canadians retire, it will struggle to replace them in the labour market since the country is not having enough children. This is where immigration comes in.