A new report titled “Can’t Go it Alone. Immigration is Key to Canada’s Growth Strategy,” released by the Conference Board of Canada last Friday, highlights the ongoing need for immigrants to satisfy Canada’s future labour market demands, in light of the fact that all of Canada’s 9.2 million baby boomers will be retired by 2030.
- Between 2018 and 2040, 11.8 million Canadians will finish school and enter the workforce, but 13.4 million workers will be retiring, resulting in a labour shortage;
- Canada’s low birth rate is not expected to go up and will not therefore fully address this shortage.
- Immigration will remain a formative solution, accounting for all of Canada’s net labour force growth—3.7 million workers—and one-third of the economic growth rate between 2018 and 2040.
Read the full report here: Conference Board of Canada