Since long Canada and its people have realized and appreciated the importance of migrants in improving the national economy and creating jobs for the locals.
Now a new study says the same thing. But it adds that together with improved rate of migration, the improved involvement of women and those with disabilities is also equally important to plug the labor gap against the backdrop of the likely retirement of a huge figure of workers by 2040.
To put it differently, the study says that over the next 22 years Canada needs more immigration and more involvement of the inactive and marginalized nationals including women and those suffering from disabilities to tide over the looming labor shortage crisis.
The study report based on Conference Board of Canada study ‘Can’t Go It Alone: Immigration is Key to Canada’s Growth Strategy’ says that immigration, along with serious attempts to make the involvement of the many under-represented groups in the nation’s manpower better, is “the best path”, for guaranteeing the nation’s economic development & high living standards over the coming two decades.
The study considers many labour force situations through the years 2018 to 2040 prior to coming to its conclusion.
Allegedly, this 22-year time will witness entire 9.2 million Canadian baby boomers hit the retirement age even as the requirement for the nation’s publicly funded social services jumps alarmingly.
Even as the 11.8 million students exiting the different schools of Canada, from 2018 to 2040, will be behind most of the nation’s workers and tax base, they will not be sufficient to substitute the 13.4 million employees who would exit the manpower through the said time-frame.
The study reportedly explored 4 situations for triumphing over the chasm: a first counterfactual state-of-affairs that painted a scenario where there was no immigration over the 22-year duration, while the others examined the outcome of an immigration level of 1%, and improved labour force involvement rates of women, native peoples, and those suffering from any disabilities.
The study came to the conclusion that a fourth condition that combined the steadily increasing immigration levels and augmented labour force involvement of the three groups mentioned earlier, was the “best path forward” for the nation, even as it would result in a net manpower jump of 5.9 million employees.
It would represent a yearly worker improvement similar to the one witnessed from 2000 and 2017, and the average yearly real GDP growth of 1.9% from 2018 to 2040.
According to the study, immigration that hit a yearly rate, equal to 1% of the nation’s populace by 2030, will keep on being “a formative solution” for the coming labour market crisis. It will also be accountable for the whole net manpower increase of the country that of 3.7 million employees and 33% or one-third of its economic growth rate through the coming 20 years.