Why Are Foreign Workers Beneficial For Economic Growth & Building the Canadian Economy?

Canada has always been a welcoming country for immigrants from all over the world. In recent years, the country has seen a surge in the number of foreign workers, who come to Canada to work and contribute to the country's economy. The presence of foreign workers has been a topic of debate in many countries, but in Canada, the benefits of foreign workers are widely acknowledged.

In this blog, we will discuss why foreign workers are beneficial for economic growth and building the Canadian economy, as well as the 2023-2025 Immigration Levels Plan created by the Canadian government.

Address Demographic Challenges & Labor Shortages

Canada's aging population and low birth rate have resulted in labor shortages in various industries, such as healthcare, technology, and construction. For example, “in Ontario alone there were 372,000 job vacancies during the third quarter of 2022. That's nearly double the average number of vacancies (195,000) reported during the three years leading up to 2020”. To make matters worse, last year alone, “one in five Canadians of working age were aged 55 to 64, which is an all-time high in the history of the Canadian census”.

It is becoming apparent that foreign workers are needed to address these shortages by filling positions that cannot be filled by Canadian workers. Contributing to the labor force, paying into social programs, and potentially even settling in Canada and raising families are only a plus for the Canadian economy and help improve the challenges that our aging population and low birth rate present.

Bring Diverse Skills & Knowledge

Diverse skills and knowledge are always a plus for companies when looking for new employees. Foreign workers often have education and work experience from their home country which may not be common in Canada. This can help fill skill gaps in specific industries and bring new approaches and ideas that can improve productivity and innovation.

Foreign workers may also be fluent in languages other than English and French, which can be a valuable asset for Canadian businesses seeking to expand into new international markets. Additionally, foreign workers bring different cultural perspectives and experiences that can help companies better understand and cater to diverse customers and clients.

They often bring a strong work ethic and a willingness to adapt to new environments, which can help Canadian businesses be more competitive and productive long term. A perfect example of this is foreign workers being hired to work on produce farms, which consists of hard work out in the sun and in greenhouses picking produce. It is a tough job and requires individuals who are hard-working and easily adaptable to different environments.

Foster International Trade & Foreign Investment

Foreign workers can help foster international trade and foreign investment in Canada in several ways. Firstly, foreign workers may have connections in their home countries that can facilitate business relations and trade partnerships between Canada and other countries. This can lead to increased foreign investment in Canada and new export opportunities for Canadian businesses.

Secondly, foreign workers who are fluent in languages other than English and French can help Canadian companies better communicate and negotiate with international clients and partners. Foreign workers who are interested in settling in Canada and starting their own businesses can contribute to the growth of the Canadian economy and foster further international trade and investment.

Contributing to The Economy

Foreign workers contribute to the Canadian economy in many ways. They pay taxes just like Canadian workers, which helps fund important government programs and services. They also spend money on goods and services, which stimulates economic activity and supports local businesses.

As stated previously in this article, foreign workers also contribute to the labor force, filling skill shortages and helping Canadian businesses grow and compete in the global market. Furthermore, foreign workers can bring new ideas and approaches to the workplace, which can lead to increased innovation and productivity. Some foreign workers may even choose to settle in Canada permanently, which can lead to increased population growth and further economic contributions in the long term.

What is the Immigration Levels Plan and how will it help the Canadian economy?

In order to address labor shortages and population aging, Canada has plans to continue to work with settlement and resettlement partners across the country. Newcomers will receive the support they need to settle, integrate and thrive in Canada.

With the incorporation of the Immigration Levels Plan, immigration will drive economic growth and recovery. This plan will allow Canada to welcome from 410,000 to 505,000 new permanent residents in 2023, from 430,000 to 542,500 in 2024, and from 442,500 to 550,000 in 2025. These targets are incremental record highs for Canada and reflect the government’s belief that newcomers are instrumental in economic growth and building our communities. Achieving these levels will also mean reuniting more families and protecting democratic and human rights on a larger scale than ever before.

To learn more about Canada’s Immigration Levels Plan visit:

https://www.canada.ca/en/immigration-refugees-citizenship

Conclusion

In conclusion, foreign workers are a vital part of Canada's economy, and their presence is essential for economic growth and for building a prosperous nation. They help address labor shortages, bring diverse skills and knowledge, foster international trade and investment, and contribute to the overall economy. Moreover, they can help address demographic challenges caused by an aging population and low birth rate. The Canadian government's Immigration Levels Plan for 2023-2025 reflects its belief in the instrumental role of newcomers in driving economic growth and building communities, welcoming a record-high number of permanent residents. By continuing to embrace and welcome foreign workers, Canada can build a stronger, more prosperous, and more diverse nation.