More than nine million baby boomers are set to retire over the next decade, creating a potential labour shortage that, if unchecked, could raise health-care costs, upend pension payments and halt the country’s economic growth.
The real estate market, health-care costs and university budgets all depend to a one degree or another on immigration.
“Without an influx, we’ll become a very old country, and that’s a very expensive proposition,” “We need to be thinking about how we can turn our immigration system back on.
Minister Press Release Statement:
“Immigration drives economic growth, spurs innovation and helps employers access the talent they need to thrive,” his press release said.
“Welcoming more newcomers will help to address the demographic challenges of an aging population and to compete and win in a competitive global marketplace.”
Statement from an RBC Economist:
“Without immigration over the past 15 years, Canada would have aged on a similar trajectory as 1990s Japan,”. “Instead, Canada is one of the younger countries in G7.”
Statement from Bank of Canada Governor:
Stephen Poloz noted in one of his final speeches as Bank of Canada governor that a lack of immigration could have broad reverberations. Influx of people into Canada “an engine” of economic growth.