Immigration pushes Canada back into the top 10 economies of the world

High level of immigration has brought Canada back into the top 10 largest economies of the world. It is expected that Canada will climb up the ranks in the next decade.

Economists had predicted that the Canadian economy would drop out of the top 10 as less-developed countries caught up with the developed ones. Like it was predicted, Canada did drop out of the top 10 a decade ago.

However, Canada has now made its way back into the top 10 economies of the world. The yearly World Economic League Table showed that Canada had regained the tenth position in the largest economies of the world in 2018 and 2019.

The economies of countries in East Asia are not growing as quickly as they were expected. In contrast, Canada has been steadily attracting millions of skilled immigrants every year. Hence, the Centre for Economics and Business Research that releases the World Economic League Table has predicted that Canada will keep climbing the ranks.

Canada is expected to take eighth place by 2029 overtaking the economies of both Italy and Brazil.

The World Economic League Table has shown that countries that attract more skilled foreign workers tend to grow faster. Canada and Australia are the two countries that have been the most successful in attracting skilled foreign workers. Hence, the CEBR predicts both these countries to climb the ranks in the coming years.

The CEBR had earlier predicted that China would overtake the US economy by 2030. However, since Asia is facing a slowdown, China is now expected to become the largest economy of the world overtaking the US by 2033.

The report also noted that the US accounted for 24.8% of the world’s economy in 2019. This was the highest share reported by the US since 2007.

The report also showed that India had overtaken the UK and France to become the fifth-largest economy in the world. The CEBR predicts that India would have overtaken Germany and Japan by 2034 to become the third-largest economy in the world.

Despite many Asian countries climbing the ranks, the CEBR predicts the US and China to dominate the emerging world economy. Both these countries may be controlling 42% of the world’s economy by 2034.

Continued tension between China and the US may cast a shadow over the rest of the world’s economy.

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