Even today, every year 200,000 more people are retiring than young people entering the job market. Though the massive influx of refugees is currently shielding the labour market from the impacts of demographic trends, the adverse effects of demographic change will even amplify in the future.
The only way to make up for the age-related decline in the labour force is for more people to take up employment and for us, with life expectancy growing, to work longer as well. However, even in terms of per capita growth, most OECD countries and emerging market economies are outpacing Germany.