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Starting in the second week of November 2022, Bank of Canada Governor Tiff Macklem spoke publicly about how Canada could use immigration to help fight against inflation and balance the country's labor market.

In the recent speeches given on November 10th and 14th, The Bank of Canada Governor, Tiff Macklem, stated that immigration will be key to balancing the Canadian labor market in the coming years. He noted that as the population ages and the birth rate decline, immigration will be needed to maintain a strong workforce. Macklem went on to say that immigrants bring much-needed skills and talent to the country, and that they help to drive economic growth.

He also stated that immigrants are more likely than native-born Canadians to start their own businesses. This is not the first time that Macklem has spoken about the importance of immigration in Canada. Last year, he said that immigrants are an important source of labour market flexibility and that they play a vital role in our economy.

The connection between immigration, labour, and inflation in Canada according to Tiff Macklem

Tiff Macklem, the new Bank of Canada(BoC) governor, said in a recent speech that immigration is key to addressing both labour shortages and inflationary pressures in Canada. Macklem pointed to data showing that, while the working-age population is shrinking in most developed countries, it is still growing in Canada thanks to immigration.

He explained that while businesses have been struggling to find workers, the BoC has been keeping a close eye on wage growth. And while there are regional differences across the country, overall, Macklem said that businesses are starting to raise wages in order to attract and retain workers. This, in turn, is driving up inflationary pressures.

And while Macklem acknowledged that higher inflation can be a good thing for the economy, he cautioned that too much inflation can be detrimental. The BoC governor also addressed the issue of skills shortages in Canada. He explained that one way to help alleviate this problem is by attracting more immigrants with the skills that are needed in the Canadian labour market.

Immigration in Canada since 2020

The state of immigration in Canada since 2020 has been tumultuous, to say the least. The COVID-19 pandemic has had a major impact on the Canadian economy and labor market, resulting in widespread job losses and increased uncertainty for many workers. This has led to a decrease in the number of people immigrating to Canada, as well as an increase in the number of people leaving the country.

The Canadian government has released its latest immigration levels plan for the next three years. The plan includes a target of 465000 new immigrants in 2023, 485000 in 2024, and 500,000 in 2025. The government says the targets are based on the country's economic needs and are part of its commitment to welcome one percent of Canada's population every year through immigration.

Future projections

There are concerns that this growth may not be sustainable in the long term. One of the key issues facing the Canadian economy is an aging population and a declining labor force. This means that there will be fewer workers available to support the growing number of retirees. The country has a strong track record of integrating newcomers and providing them with opportunities to succeed.

This has led to a well-educated and skilled workforce that is able to meet the needs of businesses. In addition to addressing the demographic challenge, immigration will also help to boost economic growth. Newcomers bring new ideas and skill sets which can lead to increased innovation and productivity. They also tend to start their own businesses, which creates jobs for other Canadians.

Finally, immigration can help to stabilize inflation by increasing the supply of labor. This puts downward pressure on wages, which helps to keep prices under control. In turn, this makes it easier for businesses to invest and expand, leading to even more job creation. Overall, immigration will play a vital role in ensuring that Canada鈥檚 economy continues to grow and prosper in the years ahead.

Final thoughts

A full transcript of this speech given by Governor Tiff Macklem on November 10th is available on the official website of the Bank of Canada. In addition to the transcript, the full video of the speech is also available. You can visit the website for more information.