Canada’s Population Growth Falls to Slowest Pace Since 1946 Amid Travel Restrictions
The pandemic has caused Canada’s population growth to come to a halt in the third quarter, increasing by only a mere 2,767 after widespread lockdowns and border closures forced international immigration flows to turn negative.
According to the latest Statistics Canada data, the country’s population growth has become stagnant, with third quarter levels reaching just above 38 million. This is the slowest increase in data on records dating as far back as 1946, and largely due to the sudden curb in immigration as a result of the pandemic. Also for the first time on record, population levels declined in six provinces and two territories, with the largest declines occurring in British Columbia, and Newfoundland and Labrador.
Although coronavirus cases have been continuously rising amid the pandemic, the resulting deaths have had only a small impact on population growth. Out of the 69,114 deaths recorded in the third quarter, 706 of them were from Covid-19, down from 8,495 in the second quarter. Thus, the largest demographic impact on Canada’s population growth has stemmed from international immigration losses.
Back in March, Canada implemented a series of restrictions aimed at curbing the flow of international immigration amid the pandemic crisis. Given that a large part of Canada’s population growth relies on international migration, the Covid-19 public health regulations have significantly impacted the country’s population growth in 2020.
According to Statistics Canada, for the first time on records dating back to 1971, total international immigration turned negative, as Canada welcomed 61.4% fewer immigrants in the third quarter 2020 compared to the same time last year. Thus, the majority of Canada’s third quarter population growth stemmed from the difference between births and deaths.
The latest less-than-ideal population statistics will have a profound impact on Canada’s economy, especially since there is a heavy reliance on immigration to fill the demand for workers across a variety of industries. In addition to helping offset Canada’s aging demographic.
Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
