Immigration slowdown amid coronavirus could derail economic growth: RBC

August 21, 2020

By Global News |

A slowdown of immigration to Canada due to the COVID-19 pandemic threatens to derail a major source of economic and labour force growth, according to a report from the Royal Bank of Canada.

The shortfall jeopardizes the ability of the country to find employees needed in sectors such as health and elder care as the baby boom generation moves into retirement over the next few years, the report says.

It calls on the federal government to find new ways to encourage more immigrants to move to Canada.

“Canada does rely on having large numbers of people coming to the country to fuel growth and, if we see these large declines, one concern could be that people may decide maybe they don’t want to come to Canada anymore,” said report author Andrew Agopsowicz, a senior economist for RBC who studies labour trends.

“I think it’s really important for Canada to ensure the process is clear and that we still put out this attitude that we are open and we want people from the rest of the world to come to our country.”

Read more 


Back