The German Chancellor has pointed out Germany's major problems. In the larger sense, the aging population raises serious issues for Germany as well as for many other countries. Observed in Japan, this demographic change is starting to cause problems all throughout Europe.
While the population of the UK is growing, other nations are about to run out of trained workers, which could hinder next economic expansion. Moreover, the growing welfare expenses, especially in pension benefits, call for sustainability issues. Beyond the financial consequences, though, the nation suffers serious security issues.
Particularly Germany is wary about including immigrants from beyond Europe, which has led to more stringent immigration policies. The German government should think about increasing the retirement age to guarantee that important talents are kept in the workforce and help to solve the problems presented by an aging population.
Important first steps are pushing companies to hire older people and upskill employees to fit the changing technological scene. As Chancellor Schulz underlines, the flood of younger workers through migration is still vital notwithstanding these policies.
Global worry stems from Germany's recent recession-entering slow down in the economy. Alarming are indicators like the Ifo Institute index revealing worsening business attitude throughout the past few months. Should Germany's economic problems continue, the effects are probably going to be seen in other European countries and maybe have an effect on world economy. Although certain nations—like Spain and Greece—have showed resiliency because of mild summer temperatures and more tourists, the general economic situation is still precarious.
The interdependence of economies suggests that a weak Germany might set off a more general European and worldwide crisis.
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