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The slowdown in immigration to Canada due to the COVID-19 pandemic threatens to dampen, temporarily, “what is an important part of economic growth,” according to a Royal Bank of Canada report.
Canada welcomed 34,000 permanent residents in the second quarter, down 67% from the same period last year, notes the financial institute, noting that this slowdown could linger for months, as a recovery in the short term is unlikely.
New applications for permanent residence in Canada fell 80% in the second quarter, the document said, while emphasizing the importance of immigration to the American country, as the population is aging.
“Even under our most optimistic scenario, when Canada has set itself the goal of welcoming 341,000 newcomers this year, only 70% of that number will obtain permanent residence,” predict the report’s authors.
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