As opposed to the rest of Canada, Newfoundland and Labrador’s economy is predicted to experience rapid growth in 2023. To capitalize on this opportunity, they are relying on economic migration to fill these newly-created positions. According to TD Economics, Newfoundland and Labrador’s real GDP growth rate is anticipated to triple in 2023 from 0.4% to 1.2%, with an even greater increase expected for 2024. As a result, Newfoundland and Labrador is aiming to create more jobs in the province by increasing immigration levels to get the employees needed. This means that instead of 1,850 new immigrants settling into the province every year before Covid-19, the province will almost triple that number to 5,100 by 2026.
