5 Largest Economies in Europe

1. Germany

5Y avg GDP (2017-2021): $3925.2 billion

5Y avg GDP growth rate (2017-2021): 0.63%

At the end of 2022, the German govt introduced new visa regulations in order to attract more skilled workers from outside the borders. To make it simpler for foreign people to work in Germany, the nation intends to modify its immigration laws. Federal Foreign Minister Annalena Baerbock stated at a news conference held at the Federal Office for Foreign Affairs (BfAA) on January 17, 2023, that modernizing the visa procedure would entail “turning it upside down.” She emphasized streamlining the system and enhancing digitalization and efficiency.

This new system, introduced in November 2022, is known as “Chancenkarte” and will employ a points-based system to make it easier for people with the necessary skills to enter Germany. The points-based system will consider candidates’ credentials, work history, and language proficiency, among other factors. This new regulation will attract foreign talent, especially from the third world, to the country.

According to IMD World Talent Ranking 2022, Germany stands at 10th place among the 63 countries. It has gone down by two ranks in Readiness and one place in Investment & Development, placing 12th overall in both categories. In contrast, Germany rose from ninth to eighth place in Appeal. Germany does rather poorly in other Investment & Development categories, despite placing second in the adoption of apprenticeships. It comes in at number 39 in terms of overall public spending on education, pupil-teacher ratios (primary and secondary), and, to a lesser extent, the proportion of women in the labour force (28th).

In September 2022, Germany’s Foreign Direct Investment (FDI) increased by 2.3% of the nation’s nominal GDP, up from 1.4% the previous quarter. In November 2022, Foreign Direct Investment (FDI) grew by 14.5 USD billion. The top 2 companies in Germany with the largest market cap include SAP with a market cap of $127.28 billion and Siemens with a market cap of $102.04 billion.

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