Over the following three years, Canada will target to welcome around 1.45 million immigrants; with 60% expected to be through economic class programs.
This wave of newcomers is expected to have various positive effects on the Canadian economy, and society—some of which can already be seen, as Desjardins’ new study on the impact of federal immigration targets reveals.
For example, new immigrants are now more possible to be hired than their peers born in Canada. This is a current spectacle that comes down to the union of two major trends: A noted rise in the employment rate of new refugees opening in 2016; and the regular decline in the employment rate of persons born in Canada.
This result draws on the demographic makeup of every group. New migrants are excessive of main working age (25-54 years) and are habitually nominated for human capital aspects that make them ideal applicants in Canada’s labor force. On the other end, Canadians have an aged population, with a reliable group of pensioners leaving the workforce every year (a crucial reason for immigration to happen in the first place). In this light, the extensive effects that immigration will have on the economy are relevant.
New Immigrants Will Change Canada’s Demographic
Immigration is at the core of Canada’s population growth. The bulk of new migrants is economic and of core-working age. With the massive arrival projected in the next coming years, Canada’s population is projected to grow much younger. Now the median age of Canadians is 41 years, with retirees leaving the labor force every year.
It is anticipated that the entry of core-aged refugees will not just bring the societal aid of raising Canada’s population to self-sustaining stages (i.e.: a birth rate of a minimum of two per household)—but also bring a host of economic benefits to the country.
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