Article Rich Finance Canada’s Decision To Bring In More Immigrants Leads To Economic Resiliency

Canada’s Decision To Bring In More Immigrants Leads To Economic Resiliency

Canada’s Decision To Bring In More Immigrants Leads To Economic Resiliency

Over the past few years, the Canadian people have taken a number of steps to ensure that their national policy welcomes in an increased amount of immigrants and refugees. While the neighboring United States has seen sizable declines in immigation applications over the past few years, Canada’s decision to welcome in more newcomers has led to economic resilience amidst a global economic slowdown.

Here’s an analysis of the decisions recently made by Canadians to bring more immigrants into their country, and why economists believe it’s helped the nation’s economy so much.

Other countries are slowing down

Across the world, the economies of major, developed nations have slowly but surely been slowing down lately. Canada’s labor force has been growing at a higher rate than that of the United States or Japan, according to recently released information, and this labor force growth is almost entirely a result of increased immigration figures. The only alternative source for increased labor force growth is native births, and those have paled in comparison to immigration when it comes to responsibility for the resilience of Canada’s labor force.

According to a report from the Wall Street Journal, Canada’s envious 2 percent labor force growth in 2019 came from population growth that stemmed mostly from immigration. Per the Journal’s figures, approximately 80 percent of Canada’s increased population growth stems from immigration.

This means that not only has Canada’s labor force remained resilient amidst a global slowdown, but also that Canadian companies can depend upon large quantities of consumers to purchase their goods and services.

Canada’s immigration laws are attracting global migrants

Canada’s small population and aging workforce would be negatively impacting the economy if it weren’t for immigrants, according to a report from the Conference Board of Canada provided by the Canadian media outlet GlobalNews. It’s thus probable that will remain in hot demand for the foreseeable future, as legal experts are needed to help immigrants legally arrive and settle down in their new home. There are reasons to believe Canada will continue to economically benefit from its immigration decisions. According to Forbes, for instance,the country is taking in substantially more immigrants than the United States, a trend which has been exacerbated since the 2016 American presidential election. The overall number of people immigrating to Canada increased by an impressive 26 percent from 2015 to 2019, and legislators and business actors alike will probably keep encouraging more and more migration to reap the economic and cultural benefits of diversity and growth.