Canada needs workers and immigrants are key, says Bank of Canada governor

Stephen Smith
Published: March 13, 2018

Immigrants have a key role to play in helping grow the Canadian economy and off-setting the country’s growing shortage of skilled labour, says Bank of Canada Governor Stephen Poloz. 

In a March 13 speech at Queen’s University in Kingston, Ontario, the head of Canada's central bank said immigration is critical to keeping inflation low and balancing the trend of Canada’s aging workforce. 

“Immigration can help provide an important off-set,” Poloz said, as can “untapped sources of labour within our existing population.”

With Canada's economy hitting its "sweet spot" of rising demand and companies operating at near capacity, Poloz said this growth is translating into new jobs — and escalating job vacancies.

"None of this highly desirable economic growth can happen unless there are people available to fill the newly created jobs," he said. "A healthy, well-functioning labour market is critical."

He pointed to data from Statistics Canada that show job vacancies rising to a record 470,000 in the fall of 2017.

“We hear from business leaders that many of these vacancies are going unfilled because they cannot find workers with the right skills,” he said.

To find out if you are eligible for any Canadian immigration programs, fill out a FREE assessment form.

To help solve this shortage, Poloz said Canada needs to accelerate the integration of new immigrants into the workforce and improve the labour participation rate of Canada's youth, women and Indigenous peoples.

“Put it all together, and it is not much of a stretch to imagine that Canada’s labour force could expand by another half a million workers,” he said. “This could increase Canada’s potential output by as much as 1.5 per cent, or about $30 billion per year.”

Digital economy creating new jobs

Rapid advancements in digital technology are also producing new demands for workers with the requisite skills, he observed

“New applications are creating jobs that were unimaginable just years ago,” he said. “Ten years ago, there were no smartphone app developers, or cloud computing engineers or social media managers.”

Ultimately, Canada stands to gain from these innovations and the income-generating effect of these new jobs, he said.

“These are exciting times. New opportunities, new technologies and new industries are all waiting right around the corner.”

To find out if you are eligible for any Canadian immigration programs, fill out a FREE assessment form.

© 2018 CICNews All Rights Reserved

Share this article
Share your voice
Did you find this article helpful?
Thank you for your feedback.
Subscribe to our newsletter
Did you find this article helpful?
Please provide a response
Thank you for your helpful feedback
Please contact us if you would like to share additional feedback, have a question, or would like Canadian immigration assistance.
  • Do you need Canadian immigration assistance? Contact the Contact Cohen Immigration Law firm by completing our form
  • Send us your feedback or your non-legal assistance questions by emailing us at media@canadavisa.com
Related articles
Report: Canada is the 2nd happiest country among the G7
Happy multigenerational people having fun sitting on grass in a public park
Where do most South Asians live in Canada?
A South Asian family in their living room
Study: Fewer recent immigrants are seeking Canadian citizenship
Young family with children having fun in nature on a picnic
Why fewer French speakers in Canada may help your immigration chances
A woman stands in front of a whiteboard with French verbs written on them.
Top Stories
IRCC issues 2,095 ITAs in latest Express Entry draw
What if I am not invited to apply in an Express Entry draw?
Study: Immigrants admitted to Canada as children have better education and work outcomes
Join our free newsletter. Get Canada's top immigration stories delivered to your inbox.
Subscribe
More in Canada
Study: Immigrants admitted to Canada as children have better education and work outcomes
A group of people raising their hands in triumph in an office building.
Budget 2024: How Canada is continuing its commitment to safe and inclusive communities
A Family out boating together having fun on vacation
Budget 2024: How will it impact Canadian immigration?
Canada has released Budget 2024.
Comparing rental costs across Canada
A for rent sign infront of a small house
Link copied to clipboard