Big numbers, booming immigration on the cards for Ontario in 2021

Ontario’s economy forecast to be back In 2021 as immigration levels rise

Last year was very dull for the Canadian province of Ontario, the most populous province in Canada. Immigration to Ontario came down considerably in 2020. The COVID-19 pandemic had reduced the number of immigrants to Ontario by half of what it was in 2019.

The province’s GDP growth came down by 6.2%in 2020. But the grim situation is now turning around and hopes for recovery are up. The forecast by TD Economics says that the province will achieve a growth of 5.6% in 2021. The employment rate in the province is also forecasted to rise by 5.7% this year.

The deceleration in growth that happened in the first quarter of 2021 is now seemingly giving way to improvement. This can be seen in the spending trends and confidence shown by the people in the vaccines rolled out in Canada.

Big companies are also coming back gradually to Ontario. General Motors will return its truck assembly operations to its Oshawa plant. The plant has been defunct since December 2019. The company has plans to invest $1 billion in order to retool the plant. It will return to production in 2022.

A strong resurgence of the Ontario province is already expected by analysts. This is the province that has exercised the strictest health measures against COVID-19. This is thought to be a factor that will contribute to the province registering Canada’s strongest growth in the economy in 2021.

New investment is expected in the manufacturing sector for automobiles. There will also be a resurgence in Canada immigration to Ontario which could rejuvenate the province’s economy. The growth expected in Ontario is at the rate of 4.5%.

Currently, Canada is working on a plan to welcome over 1.2 million new immigrants to the country between 2021 and 2023. That will mean 401,000 new Canada PR visa holders in 2021. In 2022 this will become 411,000 and in 2023 it will be 421,000.

Canada’s immigration goals are contributory to the immigration goals of Ontario.

If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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