Bank of Canada Governor Stephen Poloz Wants YOU To Help Develop Canada’s Economy
In a March 13 speech at Queen’s University at Kingston, Ontario, Bank of Canada Governor Stephen Poloz highlighted the role of immigrants in helping grow Canada’s economy. The head of Canada’s Central Bank said that immigration is critical in keeping Canada’s inflation low and balancing out Canada’s aging workforce.
Immigrants have a key role to play in helping grow the Canadian economy and off-setting the country’s growing shortage of skilled labour, says Bank of Canada Governor Stephen Poloz. Immigration can help provide an important off-set, as can untapped sources of labour within our existing population, Poloz said.
With Canada’s economy at an all time high, this rapid growth is translating into new jobs. However with the creation of new jobs come escalating job vacancies. This is due to the fact that employers are finding it hard to find workers with the right skill set. Data from Statistics Canada showed a whopping 4, 70,000 vacancies in the fall of 2017.
None of this highly desirable economic growth can happen unless there are people available to fill the newly created jobs. A healthy, well-functioning labour market is critical, he said.
We hear from business leaders that many of these vacancies are going unfilled because they cannot find workers with the right skills, he said.
To help this shortage, Poloz has a solution. The Bank of Canada boss is of the view that Canada needs to accelerate the integration of immigrants into the workforce. This will improve the labour participation rate
of the country’s youth, women and indigenous people.
To put things into perspective, integration of immigrants into the workforce could better Canada’s potential output by 1.5 percent resulting in 30 billion dollars.
Put it all together, and it is not much of a stretch to imagine that Canada’s labour force could expand by another half a million workers. This could increase Canada’s potential output by as much as 1.5 per cent, or about $30 billion per year.
Rapid developments in digital technology are also producing new demands for workers with requisite skills. The Governor believes ultimately Canada stands to benefit from these innovations and income generating jobs.
New applications are creating jobs that were unimaginable just years ago. Ten years ago, there were no Smartphone app developers, or cloud computing engineers or social media managers. These are exciting times. New opportunities, new technologies and new industries are all waiting right around the corner, the Governor said.