A recent survey by The Economist Intelligence Unit (EIU) has revealed that Canadian cities like Vancouver, Toronto and Calgary are amongst the 5 most liveable cities in the world. Apart from major benefits like access to safe and clean environment, top-notch healthcare facilities, renowned educational institutions, the country offers innumerable attractive career opportunities to its residents and immigrants. The country’s open arm policy to welcome the foreigners has charmed more immigrants around the globe to raise their standard of living by being a part of the country.
But if we look at the other side of the picture, the entire immigration process is also benefiting the country to expand its economy. There are several ways in which these immigrants are contributing directly or indirectly to the growth of the Canadian economy. Here we will try to understand how these immigrants have made Canada one of the most powerful countries in the world.
- Highly efficient labor market– As per the statistics, Canada is ranked amongst the top OECD countries. More than 50% of Canadian immigrants are highly educated and skilled in different professions. These people when immigrate to Canada integrate well into the Canadian labour force. This labour mobility from different parts of the world has enhanced the quality of Canadian labour workforce. The Global Competitiveness Report further declares that the World Economic Forum has ranked Canada as the world’s seventh most efficient labour market.
- New dimensions to real estate – One of the most prominent benefits that Canada is getting from its immigration system is the expansion of the real estate industry. A strong influx of young immigrants into the country has boosted the housing industry as these people buy new houses to get settled in the country. This high inflow of immigrants has made the country’s housing market more resilient during recent years.
- Strengthening the country’s federation by bringing in the young workforce– The immigrants coming from the foreign countries have put a positive impact on the growth of the economy of Canada. In this country, the birth-rate of the native families is considerably lower than the required demographic rate. This means that there is a considerable gap between the ratio of people retiring from their services and new people taking up that position. The flow of highly skilled labour through the Express Entry System has bridged the demand-supply gap of young workforce required in the country.
- Retaining foreign talent within the boundaries – It is estimated that almost 100,000 foreign students visit Canada every year to get higher education from the world-class universities like McGill, University of Toronto, UBC, etc. Good working conditions and an attractive salary package attracts them to finally settle in the country. They expand their families in Canada. They are retained by creating better job opportunities and in turn, the country is benefited by the skills they have acquired here.
- Higher earnings mean higher revenue for the government – As more and more skilled immigrants flow into the country, they earn good salaries which are relatively higher than the native workers.( is that true) A higher salary implies higher savings. This ultimately boosts the capitalization of banks which is a key factor for the strong economic system of any the country.
To conclude, we can say that the immigration process in Canada is playing a vital role in strengthening the country’s economic system. Also, as per a three-year immigration plan announced in 2017, Canada will open its doors to a steadily increasing number of immigrants in the next three years as the country faces a growing population of retirees. The influx of immigrants is expected to reach 350,000 by 2021