German Economy and Employment
Germany is the largest European economy and the fourth largest economy in the world, accounting for 5.4% of the global GDP. The growth of the Germany’s technology-driven economy largely depends on exports as Germany is the world’s third biggest exporter, having the largest nominal trade surplus in the world. The total German labour force is about 45 million while the unemployment rate is extremely low at 4.2%. There is virtually no unemployment in large German cities. The only regions affected by unemployment are the rural areas, mainly in the north-east. Hence, it is not surprising that Germany is also one of the world’s largest importers of foreign workforce as 3.3 million foreigners already work in Germany.
The German Job Market for Foreigners
The German job market currently has 1.2 million job vacancies. This alone presents tremendous work opportunities for foreigners. Yet, due to the large size, stable growth and undergoing structural changes in the German economy, hundreds of thousands of new jobs are created each year. The German labour market lacks skilled professionals in several important areas and German government and employers are welcoming foreigners to fill this gap. Moreover, Germany is known for its aging population. It is estimated that by 2025 more than four million Germans will retire. This will create further opportunities for foreigners wishing to live and work in Germany.
To be continued...