The IMF, i.e., International Monetary Fund states that Canada trails only the United States (2023) and Spain (2024) concerning projected real GDP growth over the next two years. 

Real GDP is a typical indicator of a country’s economic health. For example, in the year 2023, the real GDP of the United States will grow by 1.6%, thus anticipating Canada’s growth at 1.5%.

Meanwhile, the IMF asserts Spain’s real GDP to increase by 2% in 2024, while Canada’s GDP is expected to grow by 1.5% again. 

What Does All Of This Mean? 

In the IMF’s opinion, real GDP growth indicates the country’s economic health. Moreover, positive movement in this value typically means that a government is doing good financially.

In addition, the IMF asserts that the real GDP will likely coincide with increased employment and general economic prosperity. Well, this is because companies tend to require more factory employment to produce goods and services. 

Subsequently, the economic cycle created because of the increased production of products and services will lead to significant growth in real GDP. Consequently, individuals have more money in their wallets! 

For the newest immigrants in Canada, employment opportunities might rise, and they might find jobs easily that can lead to economic comfort as permanent inhabitants.  

In addition, spending more money can prove to be beneficial for Canadians who are just beginning their lives in this country. As the prices of crucial things fluctuate, additional disposable income is critical for newcomers looking for financial stability.

The Prominent Role Of GDP In Immigration

By expanding the Canadian workforce, immigrants coming to Canada can play a prominent role in boosting the country’s real GDP. 

It is considered that over the next three years, Canada’s immigration level plan for 2023-25 will welcome over 500,000 immigrants per year. 

Note: Canada’s immigration level plan indicates that Canada seeks to welcome 465,000 immigrants by the end of 2023, an additional 485,000 newcomers in 2024, and 500,000 new PRs in 2025. 

This implies that the impact of immigration on real GDP will increase accordingly. As more PRs of working age are added to the national workforce, Canada’s economy will soon be productive and prosperous!