CAPTION: Labor shortages costs Germany 84 billion dollars a year in lost economic output. (picture alliance/dpa)
According to calculations by management consultants BCG, labor shortages are costing Germany 84 billion dollars (86 billion euros) a year in lost economic output. According to the authors of the study, this makes the German economy's losses the second-highest internationally after the United States in a comparison of the nations with the strongest economies, according to the study published by the Boston Consulting Group.
Study authors Johann Harnoss and Janina Kugel prepared the paper in cooperation with the United Nations International Organization for Migration. The calculation for Germany was based on figures from the Nuremberg Institute for Employment Research, which reported 1.9 million job openings for the second quarter.
"That's about one million above the long-term average," Harnoss told dpa. "Both economists and we see that as a structural shortage." Harnoss and former Siemens human resources executive Kugel project that, on average, each of those one million missing workers would contribute about 84,000 dollars in economic output per year – in other words, a total of 84 billion dollars.
By 2035, even assuming an annual rate of immigration of 300,000 to 400,000 people, the number of working-age people is likely to decline by three million, and by 2050 by nine million, Harnoss and Kugel estimate.
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