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.
There are no reviews yet.