The study shows the labour force participation rate will likely continue to decline until 2030, when the last baby boomer cohort retires, then is likely to stabilize.
new study by Statistics Canada The study, released Tuesday, looked at how different immigration levels and labour force participation rates would impact both the size and the composition of the force through to 2041.participation has declined since the early 2000s and it’s expected this will continue until 2030 when the last group of
That would amount to a growth from 21.7 million in 2023 to 26.8 million in 2041 — by comparison, the labour force increased from 16.1 million in 2001 to 20.5 million in 2021.Claire Fan, an analyst with RBC Economics, told Global News newcomers can have a big impact on the labour force and, in turn, the economy.
The study didn’t suggest there would be a major difference in labour force participation between immigration targets of 500,000 or 750,000, but did warn that a complete halt to permanent and temporary immigration as early as 2024 could lead to a decline as early as 2025.Search suspended for missing family of 4 after boat sinks off Alaska coast
“If they stay longer to participate in the labour force, this can help maintain the overall participation rate,” Morency added.Story continues below advertisement
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