Biden may cause brain drain
The Canadian Press – Dec 15, 2020 / 11:52 am | Story: 319346
Photo: The Canadian Press
Bank of Canada Governor Tiff Macklem holds a press conference at the Bank Of Canada in Ottawa on Wednesday, Oct. 28, 2020. THE CANADIAN PRESS/Sean Kilpatrick
The governor of the Bank of Canada says governments in this country must be ready to fight a potential brain drain south of the border in the face of a new U.S. administration.
Protectionist policies and attitudes stemming from U.S. President Donald Trump have helped make Canada a more attractive landing spot for global talent over the past four years.
Tiff Macklem says the advantage for international students and workers is likely to disappear as Trump exits the White House next month.
In a speech today to the Greater Vancouver Board of Trade, Macklem says Canadian schools and companies may have to fight harder to attract and retain talent after Joe Biden is sworn in as president.
He says being welcoming to newcomers can help boost the economy and increase exports in goods and services needed for a recovery from the COVID-19 pandemic.
But Macklem warns that fighting for talent alone won’t be enough to help create a sustainable recovery, noting that governments must also invest in infrastructure and remove internal trade barriers to help exports recover.