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Full recovery not expected for four more years

Published by Steve Coleman on April 18, 2012

Employers looking to hire may not get everything they want for another four years, just in time for the full-scale exodus of baby boomers out of the workplace.

Four years is how long The Conference Board of Canada is predicting it will take the national economy to return to full employment. In two years, boomers are expected to start leaving in droves.

"Canada's economy has rebounded nicely from the 2008-09 recession, especially when compared with the performance of many other advanced economies," said Pedro Antunes, Director, National and Provincial Forecast in a news release. "But closing the remaining gap on potential output and full employment will be a long and protracted process, as real GDP growth will be lacklustre over the next few years."

The Conference Board predicts that overall real GDP in Canada will grow an average of 2.7 per cent between 2012 and 2016 and says the unemployment rate won't return to six per cent for another four years.

After 2014, the number of baby boomer retiring is expected to accelerate, increasing the number of available jobs and increasing wages across the board to bring enough employees to fill the positions. Employers will have to make more of a capital investment in their businesses to both increase productivity and compensate for the worker shortfall, the board says.

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