The dramatic rise in immigration through refugees has – together with the crisis in Greece – dominated the economic policy discussion in Germany in the current year. Other challenges, which are also relevant for the long-term development in Germany, like the demographic change, the globalization and the digitalization were lately given less attention, without receding in importance. The annual report of the Council of Economic Experts shows ways to manage these challenges with an economic policy that reclaims economic efficiency focusing on future viability of the German economy. The report includes a cautious empirical assessment of the potential development of the refugee inflow with respect to costs and labor market integration in Germany. The presentation will focus mainly on the topics from the annual report addressing concerns of immigration through refugees and resultant implications for the labor market and the minimum wage regulations. |
