Caps on newcomers may 'unfairly' hurt businesses, damage economy, group warns [Financial Post (Toronto, Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. Ottawa's plan to put a cap on the number of temporary foreign residents could “unfairly penalize” industries already facing labour shortages and risk damaging the economy, says one of Canada's largest business groups, even though some economists say the move is a step towards tackling productivity and housing troubles. There are currently about 600,000 job vacancies across the country with the restaurant, agriculture, tourism and manufacturing sectors bearing the brunt of the labour crunch, Canadian Chamber of Commerce's senior director Diana Palmerin-Velasco said. Article content Article content “Businesses are very concerned. They don't know how they are going to operate on a daily basis,” she said. “We have some sectors of our economy that even before the pandemic faced chronic labour shortages and in some cases the pandemic made it worse. We haven't recovered from that.” Palmer
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