Immigration prevented a recession last year, but looming changes could stall growth: economists
Reducing the number of new admissions to the country could have negative consequences for the economy and pose challenges for commerce, according to business advocates and economists alike.
Economic measures such as the gross domestic product (GDP) have been moving in a positive direction, economists say, in part because Canada’s population has continued to increase due to rising immigration levels.
Statistics Canada reported in March that the country’s population grew in 2023 by about 1.3 million, and 97.6 per cent of that growth was the result of immigration.
See the highlighted GDP link above, the one that allegedly shows GDP moving in the right direction thanks to immigration? Well that link makes Zero mention of immigration:
The Canadian economy advanced by 0.5% in the second quarter of 2024, following a 0.4% rise in the previous period marking its second consecutive quarter of expansion. This growth was primarily driven by a 1.5% rise in government spending, fueled by higher wages, and a rebound in federal, provincial, and territorial government purchases of goods and services, which had previously declined. Business investment in machinery and equipment surged by 6.5%, led by increased spending on aircraft and transportation equipment. In contrast, household spending slowed to 0.2% in Q2, down from 0.9% in Q1, as higher spending on services (+0.5%) was offset by reduced purchases of goods (-0.2%). Exports and housing investment both declined, by 0.4% and 1.9% respectively. On an annualized basis, Canadian GDP grew by 2.1% in Q2, the highest since Q1 2023, accelerating from an upwardly revised 1.8% increase in the previous quarter and exceeding forecasts of 1.6%.
The truth? Mass immigration has reduced GDP in Canada but our Captains of Industry love their slaves too much to ever tell the truth and the CBC will lie to protect Trudeau. They’d much rather screw you over than pay a living wage. And why are they quoting outdated March 2023 data when 2024 Stat Can Data is available? Cherry picking data to fit the narrative is low but now the CBC just makes shit up. See the links below.
Canadian GDP Has Never Contracted Like This Outside Of A Recession
Economic output is also significantly behind population growth, continuing the trend of per-capita GDP contractions that have never been this deep outside of a recession
Canadian Government Spending Now 80% of GDP Growth
When adjusted for population, the picture isn’t so rosy. Real GDP per capita declined 0.1% in Q2 2024, with Stat Can noting it was the fifth consecutive decline. Per capita growth fell in 7 out of the past 8 quarters, marking a recession by some definitions.
Canada Has Third-Worst GDP Growth per Capita Among 30 Top Economies
Canada’s high immigration is driving down per-capita GDP: report
“I think you’d be hard-pressed to find any economist in Canada that doesn’t believe that the exceptionally high population growth rates we’re experiencing now have contributed to that decline in GDP per capita that we’re seeing,” Skuterud said.
