Canada could Top U.S. in Economic Growth through Immigration | MyConsultant

Canada could Top U.S. in Economic Growth through Immigration

Immigration could help Canada post the strongest economic growth among G7 countries.

While economists surveyed by Bloomberg News predicted the U.S. would still have an edge over Canada this year due to productivity gains, Bank of Montreal Chief Economist Doug Porter predicted that Canada could grab the top spot.

Although Canada’s population is only about one tenth of the US, some 437,000 new immigrants were accepted into Canada last year compared to 595,000 in the U.S.

Immigration growth in Canada has doubled since 2015 helping achieve the fastest population growth in 30 years, at 1.5%. In the U.S., on the other hand, international migration was down by almost half, and the population grew 0.5% last year.

Productivity gains in the U.S. have been the result of tapping its domestic workforce, while Canada’s lower productivity has been boosted by immigration. Trump’s immigration policies have created greater interest in Canada from student and entrepreneur newcomers, benefiting Canada’s workforce.

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