Population Aging Will Shape the Labour Market: Canada’s Labour Markets Outlook to 2045
The Conference Board of Canada, 15 pages,
November 23, 2021
This annual economic forecast presents Canada's long-term labour market outlook.
- 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
Falling Labour Force Participation
Canadians Are Working Longer
Wage Growth Outpaces Inflation