Australia continues to welcome skilled workers as Immigration is crucial for economic growth

Australia continues to welcome skilled workers as Immigration is crucial for economic growth

Immigration is crucial for economic growth and to enhance the standard of living of the people and thus Australia continues to welcome skilled workers. These were the views of Mark Zandi the Chief Economist of Moody at NASDAQ’s ADP Research Institute panel that was organized by Yahoo Finance.

The labor market today stands at a decisive point of inflection said, Zandi. Immigration is very vital for the sound health of the labor market and it accelerates the growth of the economy, added the Chief Economist.

As millennials are already a part of the labor market and retiring baby boomers, the labor market will contract further necessitating high immigration levels to support the growth of the economy explained Mark Zandi.

The most critical issue that will be faced by businesses in the future is the availability of skilled workers. If the US did not revamp its immigration policies its businesses are going to struggle big time. They will be having an acute shortage of skilled and qualified workers needed to push the growth of businesses, explained Zandi. He gave the example of Australia that has a merit based immigration system and how its economic growth has been accentuated by the intake of immigrant workers.

Immigrants not just keep the labor market functional; they have double the chances of becoming entrepreneurs while compared with US national said, Mark Zandi. Thus they enhance the growth of job market as well by creating more number of jobs explained the Chief Economist, as quoted by the Finance Yahoo.

Alan Krueger another economist said that the bi-partisan immigration reform bill revealed by the report of the Congressional Budget Office further elaborates on positive effects of immigration. Revising current immigration policies of the US would decrease the budget deficit, increase incomes, enhance productivity and increase the growth of the GDP added Alan Krueger.

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Anshul Singhal

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