Germany, rest of Europe need immigrants: Bundesbank chief explains why

Bundesbank President Joachim Nagel says Germany must attract skilled immigrants to maintain economic strength as its population ages

Germany must bring in more foreign workers to maintain its economic strength, said Bundesbank President Joachim Nagel during an event in New York on Monday.

 

“We are an ageing society in most of the countries and Germany is one of these countries,” said Nagel. “We have to have immigration in Europe, because otherwise we are losing a lot of economic power.”

 

He added that while immigration remains politically sensitive, economic necessity makes it unavoidable. “I know this is a very complicated political discussion at the end, but my institution, in my role, I will do everything to put a lot of emphasis on that and say, ‘well, we need this qualified immigration to Europe, to Germany and we have to have open economies, open countries, tolerant countries,’” said Nagel.

 

Germany’s call to skilled workers

 

Nagel’s remarks come a month after Germany’s Ambassador to India, Dr Philipp Ackermann, publicly encouraged Indian professionals to consider working in Europe’s largest economy.

 

“Here is my call to all highly skilled Indians,” Ackermann posted on X. “Germany stands out with its stable migration policies, and with great job opportunities for Indians in IT, management, science and tech.”

 

In a video message, Ackermann said Indian professionals are among the country’s highest earners. “The average Indian working in Germany earns more than the average German,” he said. “Because a high salary means Indians are contributing big time to our society and our welfare. We believe in hard work and giving the best jobs to the best people.”

 

Growing demand for foreign talent

 

Experts estimate that Germany will need nearly 288,000 immigrants every year until 2040 to compensate for its ageing workforce. To meet that demand, Berlin has been expanding visa allocations for skilled professionals.

 

In 2024, the government plans to issue over 10 per cent more professional visas, with Indians receiving the largest share. Last year, Berlin announced a target of 200,000 professional visas for 2025, including 90,000 for Indian nationals — a sharp rise from just 20,000 earlier.

 

Currently, about 130,000 Indian professionals live and work in Germany, many earning well above the national median. At the end of 2023, the median monthly salary for full-time German employees was 3,945 euros, while Indian-origin professionals earned an average of 5,359 euros, according to official data.