The sudden flood of refugees to Germany will have immense economic and social impacts.
Published on Feb 06, 2016
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The sudden flood of refugees to Germany may have an immense economic and societal impact.
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Germany has one of the world’s most rapidly aging and shrinking populations. With one of the world’s lowest birthrates, the country relies on immigration to plug a growing workforce hole.
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A Harvard Business School study showed that immigrants in Northern Europe have traditionally started off as a drain on state resources, though some of their wages tend to increase over time, allowing them to contribute back to the state.
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German officials are hopeful that, in the long run, this summer’s new flood of refugees could result in an economic gain of 22 billion euros.
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The increase of refugees is also expected to affect the labour market, with the ministry saying employment would rise to a record-breaking 43.3 million next year, though the new arrivals will likely push up unemployment by 60,000 in 2016.
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