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Bloomberg News<\/p>\n
Danielle Bochove<\/p>\n<\/div>\n<\/div>\n
Published Jan 11, 2024<\/span> \u00a0\u2022\u00a0 Last updated 18\u00a0hours ago<\/span> \u00a0\u2022\u00a0 4 minute read<\/span><\/p>\n<\/p><\/div>\n<\/div>\nCanada accepted about 455,000 new permanent residents in the year to Oct. 1 while bringing in more than 800,000 non-permanent residents.<\/span> Photo by Peter J. Thompson\/National Post<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n\nArticle content<\/h2>\n Canada\u2019s current immigration policy \u2014 among the most open in the world \u2014 is now causing economic damage and needs to be reconsidered, according to the country\u2019s top economists.<\/p>\n
Prime Minister Justin Trudeau\u2019s decision to dramatically increase immigration \u2014 and allow a flood of temporary workers and international students \u2014 without providing proper support has created a laundry list of economic problems, including higher inflation and weak productivity, chief economists at Canada\u2019s biggest banks said Jan. 11 during a wide-ranging panel discussion in Toronto.<\/p>\n<\/section>\n
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\u201cFrankly I\u2019m surprised we screwed it up because we sit in such a privileged position in Canada,\u201d Beata Caranci, chief economist at Toronto-Dominion Bank, told a packed audience at an Economic Club of Canada event.<\/p>\n
Unlike many other countries, including the United States, Canada is not dealing with poorly controlled flows of migrants across its land borders and has had time to think about the implications of its policies, Caranci said. \u201cWe designed our own policy, we put it in place, we implemented it, and we still screwed it up.\u201d<\/p>\n
\nWe designed our own policy, we put it in place, we implemented it, and we still screwed it up<\/p>\n
Beata Cranci, chief economist, TD Bank<\/p>\n<\/blockquote>\n
Canada accepted about 455,000 new permanent residents in the year to Oct. 1 while bringing in more than 800,000 non-permanent residents, a category that includes temporary workers, foreign students and refugees. With a population growth rate of 3.2 per cent, it\u2019s growing faster than any Group of Seven nation, China or India.<\/p>\n
While there are annual targets for permanent residents, there is no cap on international-student permits and the government has made it easier for employers to hire temporary foreign workers.<\/p>\n\u2018Population trap\u2019<\/h2>\n \u201cI\u2019ll put it bluntly: We\u2019ve fallen into the population trap,\u201d said St\u00e9fane Marion, chief economist at National Bank of Canada. An increase in the standard of living is no longer possible because \u201cyou don\u2019t have enough savings to stabilize your capital to labour ratio.\u201d<\/p>\n<\/section>\n