Canadian professor Tony Fang has released the results of his study, which recommends that Canada should use higher Canadian immigration quotas to increase investment in the Canadian housing market, as well as bolster Canadian gross domestic product (GDP).
Canadian Immigration rates are currently the highest, per capita, of all developed nations. This is due to the fact that such a large country requires new immigrants and specialized labour to support its infrastructure. At the moment, Canada has a variety of skilled worker streams, in order to facilitate Canadian labour market shortages. Foreign workers will find that a variety of occupational categories across Canada exist, in which an individual can receive a Canadian work permit and eventually qualify for Canadian immigration.
Professor Tony Fang says that Canadian immigration requires an additional one million Canadian immigrants, in order to keep growth levels healthy. He suggests it be done in increments of 100,000 new Canadian immigrants per year, from 2012 to 2021. Professor Fang also contends that such a move on the part of Canadian immigration, would almost certainly help spur Canada’s recovery from the 2008 financial crisis, from which it is still suffering.
To understand the large-scale effects of Canadian immigration on the Canada’s economic growth, researchers considered several variables including: the inclusion of immigrants in Canada’s labour market, associated spending and use of government services and contribution to Canadian infrastructure, wealth and assets brought to Canada by new immigrants and Canadian labour market discrepancies between foreign workers (in an effort to encapsulate the effects of increased Canadian immigration and foreign worker influx, on Canadian-born citizens).
Mr. Fang, currently a professor at the University of York in Vancouver, Canada, claims that the adding of 100,000 more Canadian immigrants per annum to the Canadian population, would potentially increase the Canadian GDP by roughly 2.4%. Furthermore, the increase in Canada’s population would undoubtedly enhance the demand for several goods and services. This would be particularly true of the Canadian housing market, while also adding $15 billion in new taxes for the Canadian government.
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