Canadian Economy Increasingly Depends on Immigrants
According to a report by the Royal Bank of Canada (RBC), high levels of immigration are helping to mitigate the economic impact of Canada’s aging population, although they have exacerbated challenges related to housing affordability.
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Carrie Freestone, an economist at RBC, explained that Canadian retirees continue to consume goods and services, including healthcare, the Canada Pension Plan, and Old Age Security benefits, creating a mismatch between demand and what the economy can produce. As fewer people contribute to public service programs and more people become beneficiaries, the gap between government tax revenues and the money needed to pay for services widens.
“That’s a problem,” Freestone said in an interview. “If we have fewer people working and producing goods and services and more people consuming, there is a mismatch between supply and demand.”
