A new study highlights the importance of immigration in helping the Ontario and Quebec economies recover from COVID-19.
Immigration will drive long-term economic prosperity in Ontario and Quebec despite the downturn caused by the pandemic, according to a recent report.
Even though job market conditions have not fully recovered, a Scotiabank report suggests that billions could be added to the two provinces’ economies if Canada meets its new immigration targets. The increase in newcomers could add up to $2.9 billion to Ontario’s economy, and just under $1 billion to Quebec’s.
“Immigration is not a panacea, but we find clear and significant economic benefit to greater newcomer admissions in Canada’s two largest provinces— even after accounting for historical labour market gaps,” writes economist Marc Desormeaux, author of the report. “Closing those gaps offers scope for even more growth.”
If the labour force disparity between immigrants and Canadian-born workers were equalized, it would add between $12 and $20 billion to Ontario’s economy.