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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,237,563,520
Close 2024-10-25 C$ 71.99
Market Cap C$ 89,092,197,805
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Globe says Scotiabank sees immigration "overcorrection"

2024-10-28 05:11 ET - In the News

The Globe and Mail reports in its Saturday edition that for many years, the federal Liberal Party made high immigration numbers a central plank of its economic plan. The Globe's Matt Lundy and Mark Rendell write that in a policy U-turn, the government's pro-growth ethos is now on pause. Ottawa announced Thursday that it is cutting back immigration levels over the next three years. Now, Canada's population is set to post small declines in 2025 and 2026. It amounts to a dramatic reversal. The country's population grew by 3.2 per cent last year -- the quickest pace since the late 1950s -- or nearly 1.3 million people. As the numbers ramped up, however, more Canadians started to question the strategy, tying it to unaffordable housing, inaccessible health care and other concerns. Rebekah Young at Bank of Nova Scotia, said real gross domestic product per capita is poised to jump, because the denominator is staying flat for two years. This does not mean people will notice a difference in their living standards, she added. "The average Canadian isn't going to suddenly feel wealthier." Ms. Young said the government is "overcorrecting" with its immigration plan, which could lead to a decline in the pool of workers.

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