Even with High Unemployment Rates, Canada Still Needs Immigrants
Given the number of people who have lost their jobs and the downturn in the economy due to COVID-19, many people are questioning whether Canada should continue to invite people from other countries to move here.
A recent article in the Financial Post explains
Why Canada Still Needs Immigrants Despite Soaring Unemployment.
One of the major reasons for continued immigration include the fact that there will be mass retirements among our most populous age group (known as baby boomers) within the next decade, which would undoubtedly "raise health-care costs, upend pension payments and halt the country’s economic growth".
The article goes on to explain that “immigrants tend to be much younger," and that “immigrants in Canada are more likely than Canadian-born individuals to be university-educated, and university-educated immigrants are twice as likely as Canadian-born university graduates to be educated in science, technology, engineering and mathematics (STEM) fields". Reducing the number of immigrants coming to Canada will have a significant impact on the real estate market, health-care costs and university budgets as "all depend to a one degree or another on immigration". Other industries that would be adversely affected by reduced immigration include agriculture and innovation.
An economist quoted in the article stated that “without an influx, we’ll become a very old country, and that’s a very expensive proposition”. And even though Canada's unemployment is very high (currently at 13.7 per cent) the economist said he was "not concerned about jobs and too many people, because the country’s aging demographics mean the number of jobs in the long term will exceed supply unless there is immigration".
To read the entire article, published on June 18th, 2020, click here.