November 12, 2021
1 min read

Germany in fear of losing ‘baby boomers’

In the next 15 years, Germany’s economy will “change drastically” with baby boomers no longer working, and the labour market will lose more than 5 million workers…reports Asian Lite News

 As Germany’s baby boomer generation retires, the country will be threatened with losses amounting to billions of euros, according to a study published by the German Economic Institute (IW).

Baby boomer is a term used to describe a person who was born between 1946 and 1964. The baby boomer generation makes up a substantial portion of the world’s population, especially in developed nations.

In the next 15 years, Germany’s economy will “change drastically” with baby boomers no longer working, and the labour market will lose more than 5 million workers, Xinhua news agency reported citing the study as saying.

Assuming that policies continue largely unchanged, real income per capita in Germany will only increase by an average of around one percent per year until 2035, according to the study.

“Policymakers must act now,” IW stressed in the report.

Day care for children in schools and other facilities in Germany must be improved so that more parents can work full-time instead of part-time, and immigration could also help address a shortage of skilled labour.

Better conditions for private investment, improving public infrastructure, and good market access opportunities for innovative companies would also be required to counter the generational effect, the study found.

“The future federal government is called upon to react to the shrinking population, only then can companies also do their homework,” said IW Director Michael Huether.

“Business as usual destroys prosperity for all and cannot be in the interest of politics.”

ALSO READ: UAE, Germany to jointly develop green hydrogen, artificial fuel

ALSO READ: Canada and Germany publishes $100bn annual climate finance roadmap

Previous Story

Covaxin 77.8% effective, says Lancet

Next Story

6-month separation period not valid if couple seeks divorce mutually: HC

Latest from -Top News

Trinidad Eager to Deepen Ties with India: Envoy

Trinidad and Tobago, home to a large Indian-origin population—many of whom are now in their fifth and sixth generations—offered a unique cultural resonance to the visit….reports Asian Lite News Prime Minister Narendra

Labour peer David Lipsey found dead

In the House of Lords, Lord Lipsey was known for his dedication to social justice and his commitment to improving the lives of others The Labour peer, Lord David Lipsey, has been

UK Space Agency set to clean up space debris

Efforts to clean up space debris mark a pivotal step in the UK’s efforts to protect vital space infrastructure and ensure the long-term safety of the orbital environment The UK Space Agency

UK shuts both its Afghan resettlement schemes

According to the Ministry of Defence, the Afghan Relocations and Assistance Policy has fulfilled its initial objective of supporting Afghans who worked alongside the UK military The government has announced the closure
Go toTop

Don't Miss

Omicron to hit GDP

The rising cases have led to various curbs instituted by

India Falls to Germany

Tokyo Olympic Games bronze medallists are out of contention for