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CANADA NEEDS YOU

June 6, 2018

CANADA NEEDS YOU

Bank of
Canada Governor Stephen Poloz Wants YOU To Help Develop Canada’s Economy

In a March 13 speech at Queen’s University at Kingston, Ontario, Bank of Canada
Governor  Stephen Poloz highlighted the
role of immigrants in helping grow Canada’s economy. The head of Canada’s
Central Bank said that immigration is critical in keeping Canada’s inflation
low and balancing out Canada’s aging workforce.

“Immigrants
have a key role to play in helping grow the Canadian economy and off-setting
the country’s growing shortage of skilled labour”, says Bank of Canada Governor
Stephen Poloz. 

“Immigration
can help provide an important off-set, as can untapped sources of labour
within our existing population.”, Poloz said.

With Canada’s economy at an all time high, this rapid growth
is translating into new jobs. However with the creation of new jobs come
escalating job vacancies. This is due to the fact that employers are finding it
hard to find workers with the right skill set. Data from Statistics Canada
showed a whopping 4, 70,000 vacancies 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. A healthy, well-functioning labour market is
critical.”, he said.

“We hear from
business leaders that many of these vacancies are going unfilled because they
cannot find workers with the right skills,” he said.

To help this shortage, Poloz has a solution. The Bank of
Canada boss is of the view that Canada needs to accelerate the integration of
immigrants into the workforce. This will improve the labour participation rate
of the country’s youth, women and indigenous people.

To put things into perspective, integration of immigrants
into the workforce could better Canada’s potential output by 1.5 percent
resulting in 30 billion dollars.

“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. This could increase Canada’s
potential output by as much as 1.5 per cent, or about $30 billion per year.”

Rapid developments in digital technology are also producing
new demands for workers with requisite skills. The Governor believes ultimately
Canada stands to benefit from these innovations and income generating jobs.

“New
applications are creating jobs that were unimaginable just years ago. 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.”, the
Governor said.

Article Categories:
News · Study Abroad

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