Canada Surpasses Australia in Per Capita Economy Growth Amid Record Migration

Canada's economy, often compared to Australia's, has surprised analysts by outperforming its neighbor in terms of per capita growth. This unexpected trend began after Canada reopened its international border in September 2021, following a record net overseas migration period that saw the population increase by 3 million (7.9%) over three years.

The influx of non-permanent residents, or temporary migrants, played a significant role in this growth, with numbers swelling from 1.36 million to a peak of 3.15 million, accounting for 60% of Canada's population expansion.

However, by late 2024, Canada diverged from Australia's path, choosing a different economic trajectory.