Canada’s Finance Minister Chrystia Freeland, updated on how Canada plans to recover from the pandemic on November 30, 2020, and how the support system is provided for backing up the downturn of the economy.
Every fall, the statement is provided by the Finance Minister to update the current economic situation, however, this year, it was with added importance on COVID-19 impact.
As per the release, Canada would run in a deficit of $381 billion this year and has rolled out various exceptional measures for supporting Canadians through CERB, and other health benefits programs, including rent and wage assistance to the employers.
Since the pandemic has disrupted arrivals of the permanent and temporary residents significantly, the population growth would also fall around 1percent, compared to 1.4 percent last year, which is an obvious reason for the affected labor market and economic growth.
The Fall Economic Statement 2020 implies that immigration has supported half of the average of Canada’s real GDP growth between 2016 and 2019.
During October, Marco Mendicino, Canada’s Immigration Minister, mentioned an ambitious Canadian immigration plan, to welcome over 400,000 new permanent residents.
IRCC has been holding the largest ever express entry draws, inviting 5000 candidates since the last three draws.
For modernizing IRCC’s Global Case Management System, Canada is allocating $72 million, to reduce paper-based work and improve into a digital system.
Over the years, between 2021 and 2026, Canada will be committing a total of $750 million, to support higher immigration levels, to ensure a higher level of service, and internal capacity to bring talented and skilled workers to Canada.
Various regions of Canada have again been hit by the lockdown since the COVID cases started increasing. Even in this situation, these steps by the government to attract foreign nationals is commendable, and IRCC has been developing temporary policies to help many those are affected at this moment by the pandemic.
As we are almost at the end of 2020, we need to wait for the year 2021 to see what it would be bringing for us but, with this planning, it does seem promising that Canada has prioritized immigration as a key for economic recovery.
We extend our warm wishes to our followers and readers, as we've moved past another year and head towards a new year with new enthusiams.
This new year, plan your permanent residence pathways, right from the beginning! Learn your options and don’t set back. Stay in touch by starting your assessment!
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