Close X
Tuesday, November 19, 2024
ADVT 
National

Cutting off foreign students, temporary workers will hit Canadian economy: Report

Darpan News Desk IANS, 15 Jan, 2024 12:00 PM
  • Cutting off foreign students, temporary workers will hit Canadian economy: Report

Toronto, Jan 15 (IANS) Closing doors to temporary workers and foreign students allowed into Canada would blunt the country's economic recovery and deepen recession, a capital market company has warned.

According to predictions by Montreal-based Desjardins Securities, the country's real GDP will grow just 0.1 per cent in 2024 and an average of about 1.95 per cent annually from 2025 through 2028.

But if it were to shut the door to temporary residents, real GDP would drop by 0.7 per cent in 2024 and grow an average of 1.78 per cent annually over the following four years, Bloomberg News said, citing the report.

On the other hand, if it doubles the pace of non-permanent resident admissions, the country would experience a milder economic slowdown than anticipated and avoid a potential recession altogether, Randall Bartlett, Desjardins' senior director of Canadian economics, said.

Real GDP would then grow 1 per cent in 2024, and top 2.1 per cent on average after that, Bartlett said in a report released last week. The report comes as Prime Minister Justin Trudeau faces backlash over rising cost of living, and growing inflation, acknowledging the need for adjustments in immigration policy.

In one of the most recent moves to address these issues, the government decided to double the amount of money that international students need to show to get a study visa.

"It would be a mistake to blame international students for the housing crisis. But it will also be a mistake to invite them to come to Canada with no support, including how to put a roof over their heads," Immigration Minister Marc Miller had said while making the announcement in December.

The students will now have to show at least in their $20,635 account on top of their one-year tuition fees, and if they bring one family member with them, they will need to show an additional $4,000.

The North American nation accepted 454,590 new permanent residents over the 12-month period to October 1, while bringing in a record 804,690 non-permanent residents, which includes temporary workers, foreign students and refugees.

According to Bartlett, Much of Canada's population growth -- now one of the fastest in the world -- comes from non-permanent residents, temporary foreign workers and students.

The nation opened its doors to immigrants to replace aging workers and fill labour gaps, but the boom in numbers has put a strain on the country's resources and needs to be reconsidered, according to the country's top economists.

MORE National ARTICLES

Climate group urges 'made-in-Canada' response

Climate group urges 'made-in-Canada' response
The institute says the federal government shouldn't try to match the incentives and subsidies offered by the U.S. and instead tailor its measures for Canada. Finance Minister Chrystia Freeland has signalled the March 28 budget will include ways to keep Canada competitive as countries transition their economies to cleaner energy and technologies.    

Climate group urges 'made-in-Canada' response

Federal minimum wage rising to $16.65 per hour

Federal minimum wage rising to $16.65 per hour
The federal minimum wage is rising to $16.65 per hour on April 1, up from $15.55. Ottawa set a federal minimum wage of $15 per hour in 2021 and increases it each year based on inflation. The changes are made every year on April 1.

Federal minimum wage rising to $16.65 per hour

Canada's passport backlog 'completely eliminated'

Canada's passport backlog 'completely eliminated'
She also announced that Ottawa is launching a new digital tool that will allow Canadians to check the status of their Service Canada application online, as long as they provide an email address.

Canada's passport backlog 'completely eliminated'

B.C. pharmacist suspended for faked vaccine

B.C. pharmacist suspended for faked vaccine
The College of Pharmacists of BC says on a post on its website that its inquiry committee has suspended Aftabahmed Shaikh for 30 days and placed a permanent letter of reprimand on his file. The college says its inquiry also found that Shaikh altered the pharmacy's software to make his records more difficult to find.

B.C. pharmacist suspended for faked vaccine

Hate crime team joins Kelowna, B.C., assault probe

Hate crime team joins Kelowna, B.C., assault probe
Police say a suspect group has been identified, but no arrests have been made. The reason for the attack and the details linked to it are still being determined and the 21-year-old student is being supported by the Mounties' victim services unit.

Hate crime team joins Kelowna, B.C., assault probe

Surrey morning crash results in road closures in the area of 152nd St

Surrey morning crash results in road closures in the area of 152nd St
Due to the location of the collision and the subsequent downed power line, 64th avenue is closed from 152nd street to 146th street. 148th street is closed from 68th avenue to 62nd avenue. Motorists are asked to avoid the area and find a different route for their morning commute.  

Surrey morning crash results in road closures in the area of 152nd St