Impact of Immigration on Canada's Economy
According to CIBC Economics, Canada's economy was already experiencing issues before the immigration boom. A new report from the bank suggests that the downturn was inevitable due to deeper structural issues, which were masked by cheap credit.
Canada's GDP per capita sits at the bottom amongst its peers
The bank argues that the non-permanent resident (NPR) boom may have softened the economic damage, rather than amplifying it. Canada's shrinking GDP per capita is often associated with immigration, but CIBC Economics claims that the problems started earlier, with productivity collapsing and real GDP growth failing to keep pace with population growth.
Author's summary: CIBC Economics report examines the impact of immigration on Canada's economy.
- Canada's economy was already unraveling before the immigration boom
- The non-permanent resident boom may have softened economic damage
- Productivity was already collapsing before the immigration boom
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