Immigration Just May Be The Key To Better Economic Growth In Canada In 2020

For 2020, economists are looking at the United States and Canada to be on the road towards trying to get the top rank in terms of economic growth. This is with regard to all of the countries that are part of the Group of Seven. The economists who have done a study on this have also released that the latest data as per the population of these countries shows that the United States and Canada have different ways of working out how to expand their economy. For Canada, immigration is one of the major ways.

Canada has been riddled with problems with regard to growth since it has an aging population as well as a low birth rate. With this, the country is in high need of people who would be joining the labor market so that businesses and companies can get the jobs done and can grow more, which are quite beneficial to the economy. That is why the government of the country has been working on bringing in the needed workers via immigration programs.

The population difference between the United States and Canada

In a report last December 30 by the Census Bureau, the United States has experienced a lower immigration amount. The number of immigrants that are being accepted in the US has been going down for three years straight up until 2019. The lowest amount ever recorded for the decade is 595,000 immigrants. The country is also experiencing lower birth rates. These have affected the growth of the country’s population – this is the weakest ever recorded for this century.

As for Canada, the country has been able to bring in an average of 437,000 immigrants to its soil. Canada may be smaller in size as compared to the United States but its population is growing, thanks to the government’s stance on immigration. Immigrants have been helping the country experience a fast increase in its population, despite the lower birth rates. The data for 2019 has shown that it is the fastest growth in population that the country has experienced so far in 30 years.

The way towards economic growth

Additional data has shown that the United States and Canada have different ways to deal with their aging populations. Canada has seen the benefits that immigration has been able to bring to its territory and that is why it has become reliant on that. On the other hand, the US has been relying on its own workforce to be able to have gains in economic growth.

Experts who have been analyzing this have studied the trends believe that by this year, Canada would be a tough competitor with the way that it is dealing with the lack of people in its labor market. The US would also be a good competitor though Canada actually may be doing better.

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