Germany faces crisis due to demographic problems
Germany is now facing an unprecedented triple crisis and has severe problems with demographics, the workforce, and the pension system, Christian Durr, leader of the FDP party in the Bundestag said in an interview with WirtschaftsWoche.
According to Reuters, the country's fertility rate is 1.54, well below the figure of 2.1 required to sustain the current population level. The birth rate in Germany has remained at this level for the past 10 years.
The resulting labor shortage has been detrimental to the German economy. According to the German Economic Institute, the country’s labor force would decline by more than 300,000 people this year. In 2029, the gap is expected to widen to more than 650,000. The accumulated shortage of people of working age is projected to reach 5 million in 2030.
The German government sees the solution to the crisis in bringing 400,000 skilled foreign workers per year. According to Christian Durr, only a smart immigration policy would resolve the labor shortage.
The shrinking labor force is putting pressure on the public pension system. Fewer employees are burdened with the task of financing the pensions of a growing mass of retirees who are enjoying longer life expectancy.
Petrodollar may disappear in near future
As a rule, problems in the US are the main reasons for joy in Russia. US edition American Thinker published an article written by columnist Darlene Casella, where the author tackles the issue of the petrodollar’s gloomy future.Darlene Casella supposes that Joe Biden’s policy is negatively affecting the future of the petrodollar.
10:33 2022-05-26 UTC+00
Elon Musk puts Twitter deal on hold over bot accounts
It seems that the Twitter deal blockbuster with Elon Musk in the lead role is not over yet. The fascinating story keeps many people in suspense as everyone wonders how Twitter will change when Musk takes over. But as we all know, intrigue is an essential part of a good drama. The massive deal to buy Twitter may be in jeopardy due to bot accounts.
10:27 2022-05-26 UTC+00
US economy may face recession
White House economic adviser Brian Deese warns of high recession risks for the American economy. Deese stressed that the US is better positioned than any other country. His statements contradict the words of Fed Chairman Jerome Powell and US Treasury Secretary Janet Yellen. Earlier, they said there was no threat of a recession in the country.
09:34 2022-05-26 UTC+00
Jeff Bezos criticizes US government for high inflation
Amazon’s founder Jeff Bezos has criticized the Biden administration for allowing inflation to reach record highs. “They understandably want to muddy the topic. They know inflation hurts the neediest the most. But unions aren’t causing inflation and neither are wealthy people,” he posted on Twitter. Bezos noted that the White House tried to add another $3.
15:39 2022-05-25 UTC+00
Siemens to pull out of Russia
The list of Western companies leaving Russia is getting longer with every day. This time, German giant Siemens announced it would exit the Russian market. The first light bulb that appeared in Russia was invented by Germans. In 1888, Siemens & Halske built the first power plant in Moscow.
11:25 2022-05-25 UTC+00
SEC suspects Musk of belated disclosure of his Twitter stake
Recently, billionaire Elon Musk struck a deal to buy Twitter for roughly $44 billion.However, federal regulators suspected Musk of concealing the facts about this agreement. According to the Securities and Exchange Commission (SEC), the billionaire bought up the company’s stocks secretly to prevent a sharp rise in their value. This lag allowed him to buy more shares at a lower price.
09:24 2022-05-25 UTC+00