Economic Overview of Canada and What it means for International Students

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Piyush
Piyush Kohli
Study Abroad Expert
Updated on Sep 22, 2021 17:20 IST

Canada plans to add 4,00,000 professionals in 2021 that can give a much required to uplift the Canadian economy. Students and immigrants are an integral part of Canada's economy and fill important in-demand positions. COVID-19 has affected tourism, hospitality, retail, import, export, and oil, and travel industry. However, with the excellent vaccination process, things have started improving on the economic front and administrative assistant positions have seen an uptrend in companies that offer legal services and HR, and health safety departments.

The federal government has launched the Canada Emergency Response Benefit (CERB) to provide immediate income support to those in Canada who have been affected by the pandemic. Through CERB government is giving $500 per week for up to 16 weeks to eligible workers. International students who meet the eligibility criteria set to match CERB can also receive such income support.

What this means for international students

International students are extremely important to Canada's economy. The 6,40,000 strong international students community in Canada also creates a diverse environment on campuses across the country. They contribute a whopping $22 billion to the Canadian economy every year and also support 2,00,000 jobs.

The economic growth is expected to grow faster in the year 2021 as compared to 2020. The Canadian economy will see a lot of radical ups and downs as the change in government usually results in drastic measures being implied. Thankfully, the Trudeau government has relaxed policies concerning immigrants, so the Permanent Residency (PR) process should remain the same, and the intake of highly skilled workers should stay the same or increase.

Currently, the labour market is strong in Canada with the unemployment rate at a record low of 5.4% in May 2019. Although it has gone up to 5.7%  and the wages have grown 3.7% year-by-year. Advances in technology are changing the nature of jobs, so, candidates need to have new knowledge and specific competencies.

Economic growth in Canada slowed down in the last quarter of 2019 with the growth rate comes down to 0.3 percent. Experts have anticipated improvement in 2020, however, the pandemic has given a serious blow to the world economy. The service sector dominates the Canadian economy by employing almost 79% of its workforce and giving two-thirds of the country's GDP. The retail sector is the biggest employer that employs approximately 12% of the entire workforce. Apart from this, health, education, internet, telecom, tourism, and aerospace engineering are some of the prominent sectors of the Canadian economy.

About the Author
Piyush Kohli
Study Abroad Expert

With a plethora of knowledge of the education domain, Piyush Kohli has been involved with study abroad for over 5 years and counting. He comes with prior experience on the complexities of the study abroad applicatio... Read Full Bio

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