Global Macro Service > Research Briefings > Germany

Can migration solve Germany’s demographic problem?

The increase in the number of refugees moving to Europe and other parts of the world is primarily a humanitarian issue, but it will also have economic ramifications for destination countries and, within the Eurozone, Germany in particular. We estimate that if, relative to our baseline assumption, an extra million asylum seekers enter Germany over the next three years this could raise GDP by 0.6% by end-2020 and reduce inflationary pressures. But it would not solve the economy’s longer-term demographic problems.

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