Marco Mendicino, Canada’s federal Minister of Immigration, Refugees, and Citizenship, has announced a plan to fight against Canada’s demographic dilemma. More than nine million baby boomers will be at retirement age over the next ten years, which will create a labor shortage. If the challenges are not considered, healthcare costs could rise, pension payments will not be paid, and a halt to the country’s economic growth could happen. Mendicino suggested adding one million new permanent residents to the nation by December 2022. This slight increase will raise the yearly immigration rate to close to one percent, up 0.1 percent from the current numbers.
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Mendicino said, “Immigration drives economic growth, spurs innovation, and helps employers access the talent they need to thrive.” He said, opening the door for more immigrants will help address the demographic needs of Canada’s aging population and to be able to compete successfully in the competitive worldwide marketplace. Even with the COVID-19 pandemic, a senior economist at RBC, Andrew Agopsowicz, said, without the influx of immigrants Canada is used to, the country would become very old, and that is an expensive thought.
He urged everyone to be considering how to keep the immigration system strong, since it is such an essential part of Canada’s economy and growth. Without Canadian immigration, Montreal, Vancouver, and Toronto would have all had declining populations in 2019. Substantial immigration fuels the nation’s economic engine and drives up the GDP in the largest metro cities faster than the national average.
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