German Economic Institute: Lack of skilled workers damaging growth potential
A technician's finger points to processor cores of Europe's fastest computer SuperMuc in the computing building of the Leibniz Supercomputing Centre in Garching near Munich, Germany, July 20, 2102. EFE-EPA(FILE) /NICOLAS ARMER
File image shows aerospace engineers Martin Drobczyk (R) and Falk Nohka from the German Aerospace Center (DLR) working on the AI Satellite in the DLR's cleanroom in Bremen, Germany, on Mar 21, 2013. EFE- EPA (FILE) /CARMEN JASPERSEN
Engineers monitor screens at the 50 Hertz Transmission Control Center in Neuenhagen, Germany, Mar 30, 2015. EFE- EPA (FILE) /BERND SETTNIK
Porsche employees assemble Panameras at the Porsche plant in Leipzig, Germany, Sept 4, 2014. EFE- EPA (FILE) /JAN WOITAS
Frankfurt, Germany, Apr 16 (epa-efe).- A lack of skilled workers in Germany was damaging the nation's economic growth potential, according to a report published Monday by the German Economic Institute (IW).
There are currently some 440,000 skilled jobs vacancies in Germany, according to the IW, a private economic research institute.
"German business is desperate for skilled staff with academic and technical backgrounds, particularly mathematicians, IT specialists, natural scientists and technicians," the IW said in a statement.
The IW report said the lack of skilled workers in Germany damaged economic growth potential by around 0.9 percent, the equivalent of 30 billion euros ($37 billion) annually as many companies were forced to reduce their investment forecasts.