Germany's economic growth is under threat because of shortage of workers

11:29 - 8.06.2023

June 8, Fineko/ The shortage of workers threatens Germany's economic growth, ABC.AZ reports with reference to Bloomberg.

According to German government institute’s study, the number of workers in the country now stands at 47 million people, but soon it will stop growing and this moment will be the end of the constant increase in the standard of living of Germans, the agency claims.

Without major changes, this indicator will sharply decrease in the coming years, which will undermine economic growth, increase inflationary pressure and create especially serious problems for firms engaged in productive activities.

To maintain it at the current level, the country needs 400,000 new employees annually, the agency claims. At that, migration has not solved this problem. Only half of the refugees who arrived during the wave of immigration found work 5 years later.