News in Germany
Due to the current world issues such as the war in Syria and ISIS, refugees are seeking asylum in European countries, particularly Germany. Germany recorded 1.1 million asylum seekers in 2015. Marcel Fratzscher, the head of the German Institute for Economic Research states that the newcomers this year (as well as the hundreds of thousands more expected over the coming years), are a major economic opportunity. Germany has the largest and most stable economy out of the EU so its strong financial position makes it ideal for the incoming refugees. The economical benefits that the refugees bring into Germany include the new human capital available. Also, every incoming person who gets granted asylum, finds a job, and pays taxes makes a contribution to economic productivity and output. This will eventually increase Germany’s GDP allowing for even further economic growth. Fratzscher states that the benefits of allowing asylum seekers into Germany will outweigh the costs within five to 10 years. Basically, in the long run refugees will be a net gain for the economy. Video: https://www.youtube.com/watch?v=clvRTmhcCkI |