Germany's recession in 2023: Record sickness rate responsible, according to the pharmaceutical study

Germany's recession in 2023: Record sickness rate responsible, according to the pharmaceutical study

According to a report by www.stern.de,
According to a study by the Association of Research-Based Pharmaceutical Companies, record high levels of sickness in 2023 have pushed the German economy into recession. According to the study, significant loss of work led to significant losses in production, causing the German economy to shrink by 0.3 percent.

Analysis and Impact:
The further increase in sickness absence in 2023 compared to the record value of 2022 shows the effects of the pandemic and the associated contact restrictions. The study shows that about 70 percent of production loss due to illness occurred in industries such as vehicle manufacturing, mechanical engineering, metal, electrical, pharmaceutical and chemical industries. Sickness rates were particularly high in metal production at 6.8 percent. The causes are partly linked to the lack of flu waves in 2020 and 2021, while the omicron wave and subsequent flu waves in 2022 led to an increase in cases of the disease.

The study's calculations show that without the high level of sickness, the German economy would have grown by almost 0.5 percent and would have generated around 26 billion euros in addition. The impact on the market and the financial sector is therefore significant, as the loss of work and production losses negatively affect the country's economic indicators.

It remains to be seen how the adjustment of health regulations and the continuation of vaccination campaigns will affect sickness rates in the coming years. These factors will continue to influence economic development in Germany. The results of this study should therefore be carefully considered by policymakers and economic actors.