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Solutions to Labour Shortages and Sustainable Improvements in Living Standards
There has been growing awareness that the aging population is a major economic challenge facing Canada over the coming years, as the baby boomer generation approaches retirement age. A continued improvement of living standards at the historical rate implies that labour demand will be growing at a much faster pace than labour supply, resulting in a looming labour shortage. The Canadian labour market is expected to experience a substantial shortfall of over 100,000 workers by 2009; it can be expected to reach close to one million by 2016. The failure to resolve the shortfall in the Canadian workforce will result in stagnant economic growth and lead to lesser improvements in living standards compared with what we have experienced in the past couple of decades. The question is: where can Canada find more workers to join the labour force?
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