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Economic Opportunity in the Refugee Crisis - 11/25/15

Many observers refer to the refugee crisis in Europe as a crisis, but many others see the in-migration of Middle Easterners as economic opportunity.  As reported by the New York Times, the European Commission anticipates approximately three million asylum seekers to arrive in the European Union by twenty seventeen. 

In its recently generated forecasts for the twenty-eight nation bloc known as the European Union, EU forecasters assumed for the purposes of simulation that one million asylum seekers would arrive in the European Union this year, another one point five million in twenty sixteen and half a million in twenty seventeen. 

If half of the arrivals are granted asylum and three quarter of those are of working age, they would increase the EU’s workforce by zero point percent this year and by zero point three percent in both twenty sixteen and twenty seventeen. 

This will help to bolster European Union gross regional product going forward, including by as much as zero point three percent in twenty seventeen.  German gross domestic product will be zero point four percent larger next year and zero point six percent larger in twenty seventeen.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.