In much of the developed world, one of the most reliable drivers of economic growth is faltering.
For decades, the rapid influx of migrants has helped countries like Canada, Australia and the United Kingdom avoid the demographic drag of aging and declining birth rates. That is now being cut short as a surge in arrivals has occurred since borders reopened after the pandemic rushed headlong into a chronic shortage of homes to house them.
Canada and Australia have escaped recession since the coronavirus crisis, but their populations have not, as deep per capita declines erode living standards. Last year’s British recession seemed mild on the basis of raw figures, but was deeper and longer on a per-person basis.
