Surprisingly, Canada PR immigration plans are encouraging immigrant intake in large numbers. At a time of the escalating COVID-19 crisis, Canada has announced very ambitious immigration levels for 2020-2022. This came at a time when the social and economic scene is affected by the COVID-19 pandemic.
Canada is suffering its share of economic hardships. The global price war between major oil producers following COVID-19 is affecting Canada. It’s almost pushing Canada towards a recession. The hit to Canada’s tourism and hospitality industry has weakened its economy.
Among the countermeasures taken by the country is the emergency cut in interest rates by the Bank of Canada. Still more cuts may be needed to revive the Canadian economy. This is what many financial analysts are forecasting.
In such hard times, Canada is realizing the need for more immigrants. They will help stabilize the country’s economy. Hence, the 2020-2022 immigration levels plan is to welcome between 300,000 and 400,000 newcomers. The COVID-19 crisis is not dampening Canada’s plans to improve immigration Canada.
There is a good possibility of Canada’s economy being affected in 2020. In such a time, the influx of newcomers could jolt and stress the labor market. This speculation can only be countered by simple observation. The fact is that since the late 1980s Canada has never decided the number of immigrants based on the current economic conditions.
Canada’s wisdom behind inviting a large number of newcomers is interesting. It plans to involve them as contributors to long-term economic growth. Hence, the perceived burden of these newcomers in the current economic situation is practically a short sight.
There’s an urgency of filling Canada’s labor force with younger skilled workers by the end of this decade. This is to tackle a crisis developing in the country. The country’s 9 million baby boomers will reach retirement age by this decade. The low birth rate of Canada will add to the necessity of inviting more immigrants.
Growing the labor force is a significant way to develop the economy. Using them more productively is equally important. The immigrants will find it hard to find deserving jobs with today’s economic crisis. But in time, in the absence of a crisis, their opportunities will be much better. The aging population will be playing a big part in this. The employers will then compete better for the immigrants’ services. This will create more fruitful job opportunities.
A renewed approach to immigration
Unlike the approach followed before 1980, Canada has a new approach today. It ensures sustained high levels of immigration. In the old approach, immigration was boosted when the economy was strong. Lesser immigrants were invited during recessions.
In the new approach, irrespective of economic condition, high immigration levels are maintained. The new approach ensures that the country can defend itself against economic and fiscal strain caused by an aging population.
Even in the short run, the immigrants arriving in Canada will contribute to the economy. They will be purchasing goods and services. Their purchasing power could help relieve some economic stress following the COVID-19 crisis.
With such a farsighted approach, Canada will eventually prove itself right about bringing in large numbers of newcomers in such hard times.
If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
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