Key Highlights:
- Innovation-Driven Knowledge Hubs
- Contribution of International Students
- Tech Sector in Canada
COVID-19 has significantly disrupted migration of new talent to Canada
Major economies across the world today are innovation-driven knowledge hubs. Any country’s economy nowadays cannot operate with a restricted pool of local talent and knowledge.
- Larger pool of global talent is essential to stay abreast of the changing atmosphere.
Knowledge from abroad brings new perspectives, ideas, skills and links to local markets. Immigrant workers in the long-term significantly contribute to business productivity. Technology-intensive and knowledge-based firms especially make a strong impact.
- International students alone contribute almost $25.6 billion in tuition fees, accommodations, and to other expenses in Canada. They also contribute in non-monetary terms by connecting the country with the rest of the world.
- As per the Brookfield Institute’s report, the Tech Sector in Canada represents over $117 billion in economic output.
Exchange of knowledge requires prudent leadership and stability. The COVID pandemic has made stability difficult to achieve. But the innovation economy can stay on a steady growth trajectory with the right leadership.
