The digitalization of business & society and technological advancement in recent years in Canada plays a very important role and also produces new demands for workers with necessary skills.
Bank of Canada Governor Stephen Poloz says, “Immigration can help provide an important off-set,” as can “untapped sources of labour within our existing population.”
Immigration is critical to keeping inflation low and balancing the trend of Canada’s aging workforce.
With Canada’s economy hitting its “sweet spot” of rising demand and companies operating at near capacity, Poloz said this growth is translating into new jobs — and escalating job vacancies.
“None of this highly desirable economic growth can happen unless there are people available to fill the newly created jobs,” he said. “A healthy, well-functioning labour market is critical.”
He pointed to data from Statistics Canada that shows job vacancies rising to a record 470,000 in the fall of 2017.
“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 solve this shortage, Poloz said Canada needs to accelerate the integration of new immigrants into the workforce and improve the labour participation rate of Canada’s youth, women and Indigenous peoples.