TORONTO – A new report from the Royal Bank of Canada has highlighted that a slowdown in immigration to the country due to the COVID-19 pandemic threatens to temporarily dampen what is an important part of economic growth.
According to the document, Canada welcomed 34,000 permanent residents in the second quarter, down 67% from the same period last year. This slowdown could linger for months, as a short-term recovery is unlikely, the report argued.
New applications for permanent residence in Canada fell 80% in the second quarter. The financial institution recalled that immigration is necessary in the country while the population is aging.
By the end of the year, only 70% of the estimated 341,000 new permanent residents initially expected to be on Canadian soil, according to the report.
The Canadian Press