The number of seniors in Canada exceeded the number of children for the first time last year, Statistics Canada said on Wednesday, pointing to the economic and social challenges facing the nation as the population ages. Aging baby boomers drove the changing mix in population, as did higher life expectancies and low fertility rates, the report said. An aging population also means Canada will need to boost its productivity to drive the economy, something the country has struggled with, said Paul Ferley, assistant chief economist at Royal Bank of Canada. "If there are fewer workers available, it can put pressure on businesses to increase productivity," Ferley said. Seniors could account for close to one in four Canadians by 2031, the statistics agency forecast.

Source: dna May 03, 2017 15:52 UTC