A pedestrian passes a 'Help Wanted' sign in the door of a hardware store in Cambridge, Massachusetts, U.S., July 8, 2022. REUTERS/Brian Snyder
Reducing the number of new immigrants admitted to Canada could have negative consequences for the economy and pose challenges for commerce, according to business advocates and economists.Ottawa says its plan to curb immigration, announced Thursday, will result in a 0.2 per cent population decline over the next two years, which worries business groups and economists.
With more people coming to Canada, more money is being spent overall, he said — even if each individual has been spending less as they feel the pressures of a more sluggish economy. "Maybe we're talking about shrinking GDP by, you know, a half per cent or three-quarters of a per cent, but you're still talking about shrinking GDP as opposed to growing GDP," she said.
Dan Kelly, president of the Canadian Federation of Independent Business, calls immigrants 'a godsend to the Canadian economy' and critical to the operation of businesses. "Immigration is a key driver of economic growth and our only source of workforce growth in the near future. It is more imperative than ever in the context of the aging of our population, low fertility rates and current wave of retirements," wrote Diana Palmerin-Velasco, the senior director of Future of Work at the chamber.
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