Canada’s Economy back on track
The news that every Canadian has been waiting eagerly since the pandemic is the rebound of the economy. The jobs lost during the last two months because of the pandemic have been regained in full swing making the unemployment rate the lowest since March 2020.
Canada’s economy soared into 2021 with great traction as companies have started production due to rising demand. By the last quarter of 2020, Canada’s GDP rose to 9.6 percent which is much more than the estimated 7.3 percent.
The Labour Force Survey conducted in February by Statistics Canada stated that the employment rate increased by 259,000 after the steep decline of 266,000 in December 2020 and January 2021. As of February, the unemployment rate declined to 8.2 percent, 1.2 percent lower than that of January and also it’s the lowest employment rate since the lockdown last year.
“At nearly every stage of the recovery, Canadian activity has proven more resilient than expected. The combination of strong household fundamentals, an impending rebound in job growth, and resolute fiscal support mean a strong pickup is still in store in 2021 and 2022.” – Andrew Husby, economist
The employment particularly rebounded in the industries that were most hit by the pandemic. The retail sector, food service and accommodation industry, information, culture, and the recreation industry saw a steady rise by the end of February.
People employed in scientific and technical services sectors rose by 5.6 percent (86,000 more) when compared to last year, this being the largest rise in these sectors. Most of these happened across British Columbia and Ontario. These industries are allowed to function remotely, which can stay open even during the lockdown.
More than 75,000 have been working in the information systems sector when compared to February 2020.
Canada’s growth is largely dependent on immigrants, as per its ambitious plan it is back on track to meet its target of 401,000 new immigrants for 2021