As his workers raced to meet a recent deadline, Andre Schulte-Suedhoff did something he hadn’t done in more than 20 years—he joined the production line at his factory near Munster and spent his weekend screwing together air-filter equipment. Know more:
Workers at the Schuko manufacturing plant. Without a major shift in policy, Germany’s labor force will shrink dramatically in the coming years.As his workers raced to meet a recent deadline, Andre Schulte-Suedhoff did something he hadn’t done in more than 20 years—he joined the production line at his factory near Munster and spent his weekend screwing together air-filter equipment.
Without a major shift, Germany’s labor force will shrink dramatically in the coming years, undermining economic growth, boosting inflation pressures and posing especially tough challenges to the manufacturing firms like Schuko that are the backbone of Europe’s biggest economy. Over the next decade, the labor supply will shrink by 3 million people, or 7 percent, unless retiring Germans are replaced by a significant influx of migrants.
The International Monetary Fund has a similarly grim outlook. “The headwinds from population aging are already there and will continue to accelerate in the coming years,” Kevin Fletcher, who headed a recent IMF mission to Germany, told journalists in May. But immigration remains a politically treacherous issue and German society is struggling to integrate a million Ukrainians who arrived last year. Local officials say that schools are at capacity and there isn’t enough housing, while support for the anti-immigration Alternative for Deutschland has surged.
But after growing rapidly in the decades before the global financial crisis, Germany’s labor productivity has stagnated in recent years. It’s up less than 2 percent since 2015, compared to 8 percent in the US over the same period, according to the Organization for Economic Cooperation and Development.
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