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Economy
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Germany's Looming Skilled Worker Crisis
2024-10-12 23:55:09
Migration
Economy

Germany's Looming Skilled Worker Crisis

Germany faces a significant skilled worker shortage, projected to reach 728,000 by 2027. This crisis predominantly impacts sectors such as sales, childcare, social work, and nursing. In regions like Upper Bavaria, the deficit mirrors the population of a small town, with 41,000 positions unfilled.

The current trend shows an influx of 285,000 immigrants annually, yet the retirement rate stands at 283,000, highlighting a pressing demographic imbalance. Economist Burstedde emphasizes the necessity for political action to facilitate qualified migration, ensuring continued prosperity.

Without adequate immigration policies, the nation risks fewer taxpayers and diminished government revenues, leading to potential shortages and longer wait times across industries. Addressing this issue is crucial for the future economic stability of the country.

Related news on that topic:

Top Employers for Skilled Workers in Germany 2024

In 2024, skilled workers in Germany are gravitating towards companies that offer high salaries and flexible work arrangements. Engineers, in particular, have identified their preferred employers, showcasing a clear trend in job preferences. While traditional automotive giants like BMW and Mercedes face declining sales and challenges, the industry grapples with a crisis that also threatens Italian manufacturers. As the landscape shifts, innovative companies are emerging as attractive options for young talent. The inclusion of the defense sector among top employers signals a diversification in appealing job markets. It is crucial for established brands to adapt and embrace this evolution to maintain their status in a competitive global arena.

Europe Faces Economic Struggles Amidst Debt and Budget Cuts

European countries are navigating challenging economic landscapes, confronting immense debts accrued from pandemic relief efforts. This, coupled with increased military expenditures, has strained national budgets. Tax revenues have dwindled, and social spending continues to rise, exacerbating budget deficits. In Germany, Finance Minister Christian Lindner proposes increased borrowing and tax hikes alongside austerity measures. However, economist Hellmeyer critiques these actions as insufficient to address underlying budgetary issues. The economic climate has prompted Ryanair to scale back operations due to high costs, and a slight decline in Germany's economic output is anticipated for 2023. The strain is not isolated to Germany. Both France and Austria are considering significant budget cuts and tax increases. France's Prime Minister, Barnier, aims to reduce government spending, but faces skepticism from economists and impending parliamentary debates. Proposed cuts in France could impact welfare, health, pensions, and local government funding, potentially sparking opposition in parliament. Similarly, local governments in Germany experience financial pressures despite record revenues. Many municipalities face deficits, with a notable financing gap reported in 2023. The financial distress is partly attributed to increased costs in public services and stringent staffing standards. The broader economic context paints a grim picture, with citizens cutting back on luxury expenses, dining, and fitness memberships. While the travel sector remains relatively unscathed, other industries foresee downturns. The German government has revised economic forecasts, and a recessionary period is anticipated in 2024. The pursuit of fiscal stability is a pressing concern, yet the path forward remains fraught with challenges.

Read 8 more recent news on this topic

The press radar on this topic:

tz
12. Oktober 2024 um 15:07

Soon 728,000 Skilled Workers Will Be Missing: These Industries Are the Most Affected

Economy
Politics
The shortage of skilled workers affects all of Germany: by 2027, 728,000 skilled workers will be missing, particularly in sales, childcare, social work, and nursing. In Upper Bavaria, there is a shortage of 41,000 - the size of a small town. Without immigration, there will be fewer taxpayers and reduced government spending. Current trend: 285,000 immigrants annually, but 283,000 retirees. According to economist Burstedde, politics must enable more qualified migration to maintain prosperity.
Frankfurter Rundschau
12. Oktober 2024 um 15:07

By 2027, 728,000 skilled workers will be missing: These industries are the most affected

Economy
Politics
By 2027, 728,000 skilled workers will be missing in Germany; sales, childcare and nursing are the most affected. Immigration can offset aging, but politics must enable more qualified immigration.
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