IMF asks Australia to continue welcoming overseas workers

IMF asks Australia to continue welcoming overseas workers

Barely hours before the Treasurer of Australia Scott Morrison presents the budget, he has been advised by the International Monetary Fund to continue to welcome immigrants to the nation.

This is at a juncture when the Government of Australia led by Turnbull is making stringent the visa regime for overseas workers and workforce scenario is fluttering owing to the ‘Australians First’ rhetoric. The IMF has said that arrival of immigrants will assist to reduce the impact of aging population on the labor market, quotes SBS.

In its latest outlook for the region of Pacific and Asia, it has said that continuing to welcome immigrant workers will help to increase the average annual growth by 0.5 to 1 %.

IMF has also said that immigration will help Australia to decrease the negative effect of an increase in aging population on the growth of the nation. Australia will have to receive immigrant workers up to a share of 23% of the labor force by the year 2030 to counter the increasing numbers of retiring workers added the IMF.

Concurring with the projection revealed in the Global Economic Outlook, IMF has projected that the growth rate in Australia will reach 3.1% in 2017 and 3% for 2018 that is an increase of 0.5% and 01% as projected in October 2016.

This increase was largely owing to improvement in domestic demand in Australia as its economy maintains to regulate the investment boom in mining.

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Anshul Singhal

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