The Bank of Montreal (BMO) Financial Group, recently released the first edition of the Bank of Montreal Blue Book, a publication designed to provide important and up-to-date information on current business conditions across Canada.
The economic forecast for Canada remains optimistic as the economy has now shifted from recovery to expansion. The real GDP of Canada is expected to continue to grow with Western and Central Canada leading the way. The renewed optimism has led to an increase in the amount of firms that are hiring new employees and looking to invest in their operations to improve productivity.
The growth of the Canadian economy has a direct impact on many aspects of Canadian immigration and Canadian immigration rules. Many specific Canadian immigration regulations are based, in part, on current economic realities. The positive outlook issued by the BMO bodes well for Canadian immigration and job prospects for individuals looking for a Canadian immigration work permit.
The report provides specific information in regards to all Canadian provinces:
• Growth is expected to continue at around 3% annually, based mostly on strong export demands, mining, and energy-sector investment
• The energy sector remains behind Alberta’s nation-leading growth
• The resource sector has helped the economy grow over 3.9%, resulting in a strong influx of immigration to Saskatchewan
• With one of Canada’s lowest unemployment rates and a growing manufacturing and construction sector Manitoba continues to attract many skilled workers under its Provincial Nominee Program
• The technology sector, particularly in Kitchener-Waterloo and Ottawa, will lead the province in terms of growth and the country in regards to innovation
• With an unemployment rate the lowest of any province outside the Prairies, Quebec’s economy continues to be led by the service and construction sectors
• Growth is expected to continue in the software and mining sectors, as well as the health services sector (chiropractors, naturopaths, and fitness companies)
• Major construction projects in the energy sector and public-sector investment remain behind the economic growth in Nova Scotia
Prince Edward Island:
• The province has had success with their PNP program and have brought in over 1300 families in the last 2 years. Heavy government investment in the bio-science field will likely drive economic growth
• After posting the highest rate of GDP growth of any province the construction sector will be the main driver of the province’s economy and the sector that allows employment growth to be the highest in Canada
To see the entire BMO Blue Book Report please visit the following link: