Charles St-Arnaud, chief economist at Alberta Central, emphasized, 'If it was not for the population growth that we had last year, the Canadian economy would have been in a recession at the end of 2023. With more people coming to Canada, more money is being spent overall, even if each individual has been spending less as they feel the pressures of a more sluggish economy. That kept the economy afloat.'
Marc Miller, Immigration Minister, stated that the government’s decision to reduce immigration numbers aims to 'lessen pressure on the country's housing market and stabilize population growth.' However, this move has raised concerns among economists regarding its long-term economic impacts.
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