For whom the bell tolls

Over the next decade or so, indigenous working-age populations in many advanced economies will begin to shrink. At the same time, there’ll be a large-scale exodus of working-age people from poor countries to rich. These flows can mitigate, to some extent, the negative impact on economic growth. But it will not solve it completely. And the costs of integrating immigrant workers will add to existing burdens on public finances. Germany stands out as being particularly vulnerable.

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