demographics
THE LABOUR MARKET BECKONS
Having successfully breached the 400,000-mark for permanent resident admissions in 2021, the federal government sets ambitious new targets.
Not unlike most other industrialized nations across the globe, Canada has an aging population…challenge. How do we maintain a vibrant economy, continue to innovate, pay for the myriad public services we currently enjoy, and afford our rising health care bills as we get older when our labour force is growing at a pace of below 1% per year? We invite young, educated, and skilled people from other countries to join us. Canada is in fact doing just that, with one of the highest immigration rates in the world at 0.85% of its existing population. And after
the pandemic halved our immigration flow in 2020, new, ambitious targets were introduced to both fill in that migrant gap and continue to support labour market and economic growth. Now, the federal government has again raised (and extended) its immigration targets, with Canada now aiming for approximately 450,000 permanent resident admissions by 2024. If history is any barometer of the probability of success, you can bet these targets will be achieved, to the benefit of our prospects of economic growth.
OLD TARGET ACHIEVED, NEW TARGETS CONCEIVED
500,000
451,000
447,055
450,000
431,645
405,315
400,000
350,000
341,175
321,055
300,000
250,000
200,000
184,575
150,000
100,000
50,000
0
CURRENT TARGETS
TARGET PREDICTIONS
PREVIOUS TARGETS
SOURCE: IMMIGRATION, REFUGEES, AND CITIZENSHIP CANADA DATA: ANNUAL INTERNATIONAL IMMIGRATION TO CANADA AND FUTURE TARGETS
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