Recently, according to the "2020 World Economic Rankings" published by the Centre for Economics and Business Research (CEBR), Canada’s ranking, which fell out of the global top ten in 2014, rose to 10th place in 2019. According to CEBR's forecast, Canada’s ranking will be even higher in the future; by 2029, it will surpass Brazil and Italy, ranking 8th.
CEBR believes that Canada’s economic success is partly due to its ability to attract immigrants. The report indicates that Canada’s population grew by 1.1% annually from 2014 to 2019.
CEBR also predicts that from 2020 to 2034, Canada’s national GDP will have an average growth rate of 1.7%, which will further enhance Canada’s economic ranking in the coming years.
Economic growth is inseparable from the continuous increase in population. Previously, Statistics Canada (StatsCan) released a report stating that by 2068, Canada’s population will nearly double, with most of the population growth resulting from ongoing immigration.
Forecasts indicate that Canada’s population will continue to grow over the next 50 years, potentially reaching between 44 million and 70.2 million by 2068. It is clear that immigration will remain the main driving force behind Canada’s population growth over the next 50 years, as it has been since the early 1990s.
Canada’s demographic dividend will bring sustained rapid growth to various aspects of the Canadian economy and society. At the same time, Canada has a well-established welfare system, high quality of life, high safety index, strong social inclusiveness, and is one of the countries with high-quality education globally, with advanced educational concepts and a high proportion of investment in education relative to GDP. In the future, more individuals may choose to immigrate to Canada.
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