After the blow on the countries across the globe in year 2020, the world is slowly trying to get back to life. Canadian economy is set to rise again in 2021 with certain challenges in the path. The plans and expectations depend on the delivery and administration of vaccine of COVID-19 where authorities expect the populations will be vaccinated by September this year.
This means this year to be expected to be better than the previous considering the revival of the new jobs, economy and routine life in terms of work markets. However, the process of recovery is slow and as difficult compared to the period of damage. Yet we can expect the growth in economy and jobs.
The latest job figures released by StatsCan on January 8 shows that unemployment remains the same as it was back in November 2020. There was re-introduction of economic restrictions across Canada, affecting retail, dining and food services, and even office environments in many provinces and regions. Further restrictions implemented later in December are likely to be reflected in January’s jobs figures, to be released next month. Canada has lost nearly 63000 jobs in December and at the time of starting of lockdown in March to May more than 3 million jobs had been lost.
Even there are millions of new jobs and plenty of hiring from May to November, there are still 636,000 jobs are vacant making this year worst year since 1982.
Canada’s vaccination program started in mid-December while the authorities have placed orders for multiple options of vaccine. If those orders are approved and delivered, then it would be enough to vaccinate the population more than five times over. It is expected that if everything goes well, the economic, social and cultural life will be relatively normal soon or may be maximum by end of the year.
To bridge Canadian workers and businesses to that point and beyond, the emergency wage subsidy program, which covers up to 75% of businesses’ payroll, has already been extended to early summer of 2021, effectively making the federal government the largest HR department in the country. Other new programs help laid off workers cover essential expenses until they find new employment. If, in case, the wage subsidy program is taken down in coming months, the considerable population would be vaccinated and they would be returning to normal routine and economic condition will be better bringing in the more jobs and wage growth in market.
In recent months, thousands of immigrants had to hold their plans or suspend the same for later in recent months. Some of them already had the approved permanent residence and had to wait until the travel restrictions allowed them to move to the country. Travel restrictions continue to deny these approved immigrants-to-be the right to physically land in Canada and begin lives and careers here. Students, workers and other immigrants have been waiting for the good news in order to continue with their plans.
Given the vaccine rollout and solid predictions for how that will go, COPR (Confirmation of Permanent Residence) holders waiting to land in Canada should expect, but not presume, that they will be allowed to finally land at some point this year, hopefully by the September.
When they do land, they can expect (though again, not presume) that they’ll be entering an economy on the up, with hiring in full flow, employers competing for talent, and Canadians spending some of the considerable amount of savings they’ve amassed while being locked in their homes with little to spend it on.
Considering all the factors and future expectations, we can say that economically late 2021 and 2022 might be a good time to move to Canada.
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For more information about immigration to Canada, contact us at firstname.lastname@example.org or call us at 1800-419-3242.
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