Cyprus Mail
Business

Let’s learn how to get out of social catastrophes

By Stelios Orphanides

Few days ago, a report in Germany’s Sueddeutsche Zeitung, which included excerpts from an interview with retired “social judge” Juergen Borchert, argued that Germany, largely considered as the euro area’s economic powerhouse, is steering towards a “social catastrophe”.

Unfavourable demographics, Borchert was cited as saying, will pump 1.1 million people into retirement every year by 2030 and they would be replaced by 650,000 labour market newcomers.

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