Royal Bank of Canada Says Economy Needs Immigrants for Growth

The Royal Bank of Canada says for the economic strength of the country, immigration must continue in full force

The country must focus on making sure immigrants continue to relocate to Canada, due to the fact that 30 percent of the overall population is 55 years of age or older. Only eight percent of immigrants are that age. Canada’s population saw a 1.6 percent increase in 2019, and immigration accounted for over 80 percent of the total increase. The University of Toronto reported without immigrants over the last 15 years, Canada would be on a similar path as 1990s Japan. Instead, with the robust immigration system, Canada is one of the youngest nations in the G7.

Andrew Agopsowicz, an RBC senior economist, said although there will be a shock from the current COVID-19 restrictions in place, it will not last. It is vital the country keeps a long-term focus on the Canadian immigration system, as newcomers are crucial for the country’s fiscal stability. He agrees restrictions are a necessary evil right now, but understands they are temporary. “We shouldn’t fall back into a world where we don’t encourage immigration as we have in the last few years,” Agopsowicz said. It would be dangerous for Canada’s long-term prospects to see a decline in immigration.

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