As Ottawa overhauls its temporary immigration programs, a new analysis by Bank of Nova Scotia warns that the unchecked population surge of the past two years is behind two-thirds of the “massive” decline in productivity over the same time period.
Given weak investment levels, that’s far more than the 350,000 permanent and temporary immigrants Canada’s economy can absorb without having a negative impact on productivity, according to Rebekah Young, head of inclusion and resilience economics at the bank. The surge of temporary workers has helped keep a lid on what would have been even higher wage increases, she added, giving businesses even less of a reason to invest in productivity-boosting measures.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: