Germany’s Economy at Risk as Aging Country’s Workforce Shrinks

Commuters in Berlin, Germany, where workforce numbers could peak by 2023. (PHOTOGRAPHS BY MARZENA SKUBATZ FOR THE WALL STREET JOURNAL)

Germany has long been ahead of the curve as a source of technical innovation and manufacturing. Now it is leading much of the developed world toward a demographic cliff edge that could put a damper on Europe’s largest economy, raising pressure on its pension system and pushing inflation higher for years to come.

Economists forecast that Germany’s workforce could peak as soon as 2023 and then shrink by up to five million people by the end of the decade. While the pandemic has exacerbated the trend, it is the impending retirement of the baby boomers that is fueling the labor crunch, economists say.

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SOURCE: The Wall Street Journal, Georgi Kantchev

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