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IMF releases positive projections for Canada's real GDP in 2023 and 2024

Vimal Sivakumar - 26 April, 2023

Ontario PNP Human Capital 1
Ontario PNP Human Capital 1

In 2023, the U.S. is projected to see its Real GDP grow by 1.6%, with Canada’s growth anticipated at 1.5%. Meanwhile, the International Monetary Fund (IMF) projects Spain’s Real GDP to rise by 2.0% in 2024 while Canada’s figure is expected to grow by 1.5% again.

This would mean that Canada has the second-highest projected Real GDP growth of all G7 countries over the next two years.

Positive growth in a country's Real GDP is typically a good indicator that its economy is in good health. Growth in Real GDP also tends to coincide with increased employment and better economic prosperity. This is due to the fact that periods of strong Real GDP growth often mean companies are hiring more workers to keep up with the increased demand for goods and services. 

As a product of this increased production, people will often "have more money in their pockets" as Real GDP rises in a country. This is according to the IMF.   

For Canada’s newest immigrants, this is particularly important because it means that more employment opportunities may become available across the country, which will help them secure a job that allows them to make money and establish a comfortable life in a new country. Additionally, increased amounts of disposable income are especially beneficial for newcomers to Canada as the prices of things from groceries to home utilities and transportation constantly fluctuate. The more disposable income available to newcomers, the more likely they are to be able to achieve economic stability in this country.

What role does immigration play in Canada's real GDP growth?

As immigrants help boost the Canadian workforce by adding to the number of individuals capable of producing goods and services, they are becoming increasingly significant contributors to this country's Real GDP growth. This means that, as Canada continues to welcome more immigrants, the nation's Real GDP can be expected to grow simultaneously.

Note: Over the next three years, Canada’s Immigration Levels Plan for 2023-2025 outlines the government’s intent to welcome 465,000 new immigrants by the end of 2023, an additional 485,000 newcomers in 2024 and 500,000 new permanent residents in 2025.

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