Population Aging Will Shape the Labour Market: Canada’s Labour Markets Outlook to 2045

The Conference Board of Canada, 15 pages, November 23, 2021
Issue Briefing
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This annual economic forecast presents Canada's long-term labour market outlook.

Document Highlights

  • As the baby boomers continue to retire, labour force and employment growth will slow.
  • Immigration will be the primary bulwark against the economic impacts of an aging population. Boosting participation rates among under-represented groups, including women, will also be important.
  • With life expectancy increasing and the savings rate having fallen to historical lows before the pandemic hit, older workers will continue to delay their retirements.
  • A more educated and skilled workforce will support future productivity gains in Canada.
  • The aging of the workforce will reduce frictional unemployment, keeping the natural unemployment rate at a historic low.
  • Tight labour market conditions will support above-inflation wage growth over the forecast period.

Table of Contents

Key Findings
Falling Labour Force Participation
Canadians Are Working Longer
Labour Productivity
Wage Growth Outpaces Inflation

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