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The COVID-19 coronavirus pandemic has nearly been affecting everyone on earth. Many aspirants who had plans for immigration earlier this year, since the pandemic has been declared, are worried about this immigration process and how the things will look like. Here, Canada deserves all the appreciation for being the most open country on the planet right now.
According to stats, Immigration will be the key to Canada's economic recovery, after the Coronavirus pandemic is over. The coronavirus pandemic is having a devastating impact on economies around the world. The IMF projects the global economy will contract by 3 percent in 2020, in what it calls the worst economic downturn since the Great Depression.
Canada said it would welcome over 1 million immigrants between 2020-2022, mainly to help grow its economy. A major reason why Canada needs immigrants is that all of Canada’s nine million baby boomers will reach retirement age by the end of this decade. This is where immigration comes in. Since Canada has a low birth rate, it is relying on immigration to drive the majority of its labor force growth. Hence, it still makes sense to admit high levels of newcomers even during this period. Such immigrants will likely see more employers competing for their services, which would result in much better employment outcomes and salaries. Canadian Immigration Minister Marco Mendicino says “Immigration will absolutely be key to our success and our economic recovery. We continue to rely on immigration, it will be an economic driver and this will be the North Star of our policy going forward.”
Mendicino observed that COVID-19 will not change Canada’s long-term demographic trends. Canada’s worker-to-retiree ratio is declining, which means that the country will continue to need immigrants to drive economic growth.
Immigration has been the main driver of Canada’s population growth since the 1990s and will be the only driver of it by the early 2030s.
Source & Credits: CIC
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