Financial expert: Plea for later retirement in Hamburg - economic prospects for 2024

Financial expert: Plea for later retirement in Hamburg - economic prospects for 2024

According to a report by www.abendblatt.de, Hamburg is still doing comparatively well compared to the generally weak economic situation. Finance Senator Andreas Dressel announced that the Hanseatic city's economic output is expected to shrink by 0.1 percent in 2023, compared to a decline of 0.4 percent nationwide. GDP growth of 2.1 percent is expected for 2024, compared to 1.3 percent nationwide.

However, the annual event “Economic Perspectives 2024” organized by UV Nord, the Hamburg Industrial Association (IVH) and the headquarters of the Deutsche Bundesbank showed that these prospects do not create a good mood in the economy. It was emphasized that Hamburg continues to face economic challenges.

Professor Stefan Kooths, director of the Economics and Growth Research Center at the Kiel Institute for the World Economy (IfW), expects a moderate economic recovery in 2024. He emphasized the importance of consumption as a motor for the economy, which is slowly returning and increasing purchasing power again.

A controversial analysis of the labor market by Kooths shows that although employment figures are increasing due to immigration, the German workforce is already declining. To counteract this, he advocates a later retirement age as a way to compensate for the uncertain population development.

These outlooks and analyzes suggest that although Hamburg's economy faces challenges, it also shows potential for recovery and growth. A possible extension of the retirement age could have a positive effect on the labor market and pension systems in the long term.