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An Aging Workforce Will Leave Labour Market Wanting: Canada’s Labour Market to 2040—March 2021 The Conference Board of Canada, 15 pages, March 25, 2021 Issue briefing

An Aging Workforce Will Leave Labour Market Wanting: Canada’s Labour Market to 2040—March 2021

The Conference Board of Canada, 15 pages, March 25, 2021
Issue briefing

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This annual economic forecast presents Canada's long-term labour market outlook. Document Highlights An aging population will define Canada’s labour market over the next 20 years. Low levels of savings could contribute to a weaker economic performance over the next two decades, as low interest rates help support spending today at the cost of spending tomorrow. As the baby boomers retire, labour force and employment growth will slow. Scarcity of labour will be good for wages, and real wage growth will be strong throughout the forecast. Higher female participation and strong immigration levels will be key for Canada’s economy and could help counter the effects of an aging population. Productivity growth will be important for Canadians to maintain a good standard of living while saving for retirement.

This annual economic forecast presents Canada's long-term labour market outlook.

Document Highlights

An aging population will define Canada’s labour market over the next 20 years.
Low levels of savings could contribute to a weaker economic performance over the next two decades, as low interest rates help support spending today at the cost of spending tomorrow.
As the baby boomers retire, labour force and employment growth will slow.
Scarcity of labour will be good for wages, and real wage growth will be strong throughout the forecast.
Higher female participation and strong immigration levels will be key for Canada’s economy and could help counter the effects of an aging population.
Productivity growth will be important for Canadians to maintain a good standard of living while saving for retirement.

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