To date, a number of industrial establishments in Germany have already faced labor shortages. In the next few years, the labor market gap in the largest economy of the European Union (EU) will increase, jeopardizing the possibility of economic growth in the country, informs Bloomberg agency.
The total workforce in Germany is now estimated at 47 million people. But in the foreseeable future, this figure may stop growing, which will negatively affect the volume of production in Germany mentioned in the article.
“Over the next ten years, the labor supply will fall by 3 million, or 7%, unless a significant influx of immigrants replaces retired Germans. Without major changes, Germany’s workforce will shrink sharply in the coming years, undermining economic growth, increasing inflationary pressures and creating particularly serious problems for manufacturing firms, which are the backbone of Europe’s largest economy.
23 January Frankfurter Allgemeine Zeitung reportedGermany could enter a long period of decline in welfare this decade. This is due to the shortage of labor resources and low labor productivity in various sectors of the largest European economy.