Canada has been showing increasing population growth and now the reports are that almost three quarters of Canada’s population comes from immigration. It has been said that Canada is now depending for economic development on the population growth.
National Bank of Canada has said that the population grew by 1.2 percent over the past few years and it is nearly double the 0.7 percent rate of the United States.
But it is interesting to know that there are some provincial level variations. It was Ontario which has seen the largest population growth with about 1.6 percent rising since last year. And then it was followed by British Columbia which has seen the rate of population growth go up by 1.3 percent.
The National Bank economists KrishenRangasamy and Marc Pinsonneault said, “The good news is that all provinces benefited from net international immigration, which was up 0.9 per cent nationally”.
The current immigration level of Canada is 300,000 but the nationalists argue that Canada should work ways and they should take it to at least 450,000 per year, which one could call an ultimate goal. By raising the population, Canada has a fair chance to dealing with issues of an aging population and rising health care costs.
Increasing the population would also boost economic growth and it is expected that if the population level is increased to 450,000 then the economic growth rate would be 2.05 per cent between the year 2017 and 2040.
Solving the issue of aging population
The most pressure that Canada is receiving at the moment is from the aging population problem and it is expected that the increased population growth rate would have a positive impact on this issue. The senior citizens who now make up to 24 per cent of the population would make 22.5 per cent of the population in 2040 and it would be there without a boost.
But then after all, it is not an easy cake because when the population would increase it would decrease the GDP per capita – which is the income that one person earns would come down. As a matter of fact, new immigrants don’t start to earn income on high levels initially.
There are also few employment barriers which are stopping newcomers from getting all the economic benefits in Canada. However the Conference board has said, “Conversations on Canada’s future immigration levels should go beyond the numbers to include how Canada can better integrate immigrants into the labour market.”
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