As the population growth in Canada slows, the older age groups pose some drastic challenges to the development of the country. This has important effects on the economic growth, health care, pension system and standard of living in Canada.
The total fertility rate has dropped from 1.74 in 2010 to 1.70 in 2011 for most countries, and the numbers have been poorer for Canada with a rate of 1.61. According to Factbook, it is predicted that the youth population who are those under the age of 15, will suffer a 3% drop in the next 40 years, while the elderly population is set to increase by over 10%.
This means that the health care system will be severely constrained in the coming years as costs increase and the demand for doctors and nurses as well as equipment grows. The working age population is set to decrease, so what does this mean for the health care system and the subsequent pensions?
Some experts have suggested an increase in taxes, however, the main issue here seems to be the use of government spending and the lower investments and manufacturing of goods and services.
The only solution seems to be the influx of immigrants. This Immigration, particularly of young and skilled people would increase population levels while increasing the working age population, and boosting the production and consumption of goods and services.
This is great news for those hoping to immigrate, especially in the health care and business-related sectors.