Observed Signal · Oct 12, 2022 · Research · Source: OnlineMarketing.de · Impact: 2/5 · Sentiment: Negative
Labor shortage costs Germany billions, study finds
OnlineMarketing.de reports a Boston Consulting Group (BCG) study estimating that Germany's economy loses more than 80 billion euros annually due to a persistent skilled-labor shortage. In Q2, 1.934 million vacancies were open, a new record, with the projection that missing workers could erase up to 86 billion euros of annual economic output in the future. The analysis notes that fewer workers also depress tax and social contributions, straining the broader economy. The experts warn the problem may worsen without countermeasures and propose targeted recruitment from growing-population countries such as India, Indonesia, and Egypt. Immigration already helps, particularly in healthcare. Projections suggest the number of people of working age could fall by about 3 million by 2035 and as much as 9 million by 2050, even with immigration. The report urges mid-sized firms to widen their search to international labor markets, emphasizing that diversity can boost innovation.
Macro-economic labor shortage with potential industry hiring implications; moderate impact on AdTech/MarTech talent strategy.
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Key Takeaways & Evidence Grounding
- BCG study projects 86 billion euros annual economic cost from skilled-labor shortage in Germany.
- 1.934 million job vacancies were open in Q2, a new record.
- Missing workers would reduce tax and social contributions across the economy.
- BCG suggests recruiting workers from India, Indonesia, and Egypt; immigration already mitigates shortages, especially in healthcare.
- Working-age population in Germany is projected to fall by 3 million by 2035 and by 9 million by 2050, even with immigration.
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