In a recent say, Governor of Bank of Canada, Stephen Poloz declared that Immigrants have a key role to play in helping grow the Canadian economy and off-setting the country’s growing shortage of skilled labour. In a speech that took place in Queen’s University in Kingston, Ontario on 13th of March, Mr. Poloz said that immigration is critical in keeping inflation low and balancing the trend of Canada’s aging workforce.
“Immigration can help provide an important off-set,” the head of Canada’s Bank of Canada said, as can “untapped sources of labour within our existing population.”
With growing number of demand of manpower in the country, he identifies that immigration of foreign skilled workers is the need of the hour, while pointing to data from Statistics Canada that shows job vacancies rising to a record 470,000 in the fall of 2017.
‘’None of this highly desirable economic growth can happen unless there are people available to fill the newly created jobs,” he alleged. “A healthy, well-functioning labour market is critical.”
At this time of workforce scarcity in the country, Poloz recognised that Canada need to smoothen its immigration routes and allow higher immigration levels of skilled workers, with more participation of youth and women.
“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 held. “This could increase Canada’s potential output by as much as 1.5 per cent, or about $30 billion per year.”
The main driving force behind this increased requirement of skilled workers in Canada’s Job market is rapid advancements in digital economy.
Poloz take on this was“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. These are exciting times. New opportunities, new technologies and new industries are all waiting right around the corner.”