Trudeau botched immigration surge, Canada’s top bank economists say – Financial Post

2024/01/13 Leave a comment

Hard to make a stronger condemnation than this:

Canada’s current immigration policy — among the most open in the world — is now causing economic damage and needs to be reconsidered, according to the country’s top economists.

Prime Minister Justin Trudeau’s decision to dramatically increase immigration — and allow a flood of temporary workers and international students — without providing proper support has created a laundry list of economic problems, including higher inflation and weak productivity, chief economists at Canada’s biggest banks said Jan. 11 during a wide-ranging panel discussion in Toronto.

“Frankly I’m surprised we screwed it up because we sit in such a privileged position in Canada,” Beata Caranci, chief economist at Toronto-Dominion Bank, told a packed audience at an Economic Club of Canada event.

Unlike many other countries, including the United States, Canada is not dealing with poorly controlled flows of migrants across its land borders and has had time to think about the implications of its policies, Caranci said. “We designed our own policy, we put it in place, we implemented it, and we still screwed it up.

Source: Trudeau botched immigration surge, Canada’s top bank economists say – Financial Post

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