News East West
TORONTO: In what could be a great news for those seeking Canadian immigration, a new study suggests that Canada should increase its current population from 36 million to 100 million by the year 2100 to sustain the current levels of economic growth.
The study – titled `A long-term view of Canada’s demographics: Are higher immigration levels an appropriate response to Canada’s aging population‘ – by the Conference Board of Canada (CBOC) says that if the current levels of the country’s population growth continue Canada will still face economic problems in the coming decades.
Why? Because Canada’s aging population is also growing fast and the government will have to spend more and more on their healthcare and old-age security.
At its current rate of population growth, Canada will only have 53.5 million inhabitants by 2100. Since this projected population of 53.5 million by will have a much higher percentage of old people, the Canadian governments be spending a lot more money on both healthcare and Old Age Security (OAS) of its senior citizens.
This increased spending on its aging population will slow Canada’s current economic growth rate of 2 percent to 1.6 percent by 2050 and average just 1.5 percent from 2050 to 2100.
To meet this challenge, Canada should almost triple its population from 36 million to 100 million population by 2100, according to the study.
“To get Canada’s population to 100 million by 2100, immigration levels would need to increase steadily but not dramatically. A multi-year plan to increase immigration to 1.3% of population (415,000 – 450,000 entrants per year over the next 5-10 years) is more than adequate. At various times in Canada’s history we have exceeded these levels with no harmful effects,’’ says the report.
“If immigration levels were to increase steadily to reach 407,000 immigrants per year by 2030 and we were to target younger immigrants, Canada’s trend pace of economic growth would improve to 2.3 per cent by 2050 from its current trajectory of below 2 per cent,’’ according to the study.