Full-stack .NET Cloud Developer | Project Technical Lead | Automation Engineer | Sci-Tech Enthusiast
#unemployment #recession #canada #australia Canada officially recorded its largest-ever increase in population in 2023, with 1.27 million residents added, 98% of whom came from net overseas migration: https://lnkd.in/guuwnMEC Like Australia, Canada’s extreme immigration has kept the economy from experiencing a technical recession, while per capita growth is sliding backwards: https://lnkd.in/gjws53pf And like Australia, Canada is experiencing its worst ever rental crisis, as population growth swamps housing supply: https://lnkd.in/gBu3KMyU … Canada’s population growth has easily outpaced job creation, as illustrated clearly by BMO: https://lnkd.in/gwQrqEQe This has driven Canada’s official unemployment rate above 6%: https://lnkd.in/gC3jKnk5 “For the time being, the easing of the labour market is characterized by the difficulty of individuals to enter the Canadian job market, as evidenced by the sharp rise in the unemployment rate for young people and recent immigrants”, National Bank of Canada economists noted. Finally, the share of companies in Canada experiencing labour shortages plunged drastically, from 48% to 27%, between Q2 2022 and Q1 2024: https://lnkd.in/gBJ5XU59 Canada is warning of what could happen in Australia if we continue with the same crazy mass migration policy. Australia could also be caught in a population trap of declining productivity, never-ending housing shortages, and per capita recessions. —- Post date: Saturday, 18 May 2024, 23:20
