They need new immigrants to be younger to cover up the effects of an older population occurring on their economy. According to the new study by the Conference Board of Canada.
Recent immigration rates in Canada have broken all the records of the modern era. Approximately 320,000 new immigrants were welcomed in the year 2016. It proved that the government had crossed its projected number of 305,000 newcomers for 2016. Stewart said that immigration is providing labour to Canada which helps to form a strong economic growth for Canada.
In the words of Stewart, Immigration works as a very important source of labour, and it also helps the nation to generate stronger economic growth in the long term. Increasing in immigration rate is not the only solution to meet the reverse effect of Canada’s ageing population.
In order to completely tackle the remarkable cost burdens on the system of Canada from an ageing population, plan makers must also think about other solutions.
Conference Board of Canada Report-based highlights.
- It is expected that the population of Canada of aged people above 65 will be increased up to 24 per cent in 20 years.
- Canada’s government has to work more to increase the immigration rate for newcomers by up to 407,000 per year. It will increase their labour power which will be helpful for strong economic growth.
- The increased immigration rate is not the only solution to manage the effect of an ageing population. It will only reduce the pressure on investment. Canada needs to look for other solutions also.
- This report is predicting that if they continue the present situation the labour supply will collapse which can be the cause of slow economic growth from an average of 2 per cent to 1.6 per cent.
- There is also a need for change in health care policies of the government in 20 years otherwise the revenues Provided by the government for health care will be increased by 44 per cent in coming years.
- Data is showing that the immigration of young working people has increased in previous years but the population of Canada-born people deterred.
- According to the report in 2006, only 20 per cent of immigrants with an average age of 15 and more was the immigrant population but approximately 78 per cent were born in Canada.
Immigration Minister John McCallum is supporting the federal government in its efforts for increasing the immigration rate for the next three years.
