Working in Europe: How can social mobility boost the continent's economy?
A new study shows that Europe's progress on social mobility has stalled over the past decade, holding back the continent's combined GDP by an estimated €1.3 trillion.
READ MORE : http://www.euronews.com/2025/04/03/working-in-europe-how-can-social-mobility-boost-the-continents-economy
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A new study shows that Europe's progress on social mobility has stalled over the past decade, holding back the continent's combined GDP by an estimated €1.3 trillion.
READ MORE : http://www.euronews.com/2025/04/03/working-in-europe-how-can-social-mobility-boost-the-continents-economy
Subscribe to our channel. Euronews is available on Dailymotion in 12 languages
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NewsTranscript
00:00How can social mobility boost Europe's economy?
00:07One-third of Europeans face barriers that reduce job opportunities and slow career growth
00:13compared to those from wealthier backgrounds.
00:15Improving social mobility could raise the GDP of European countries by 3 to 9%,
00:21according to a McKinsey study.
00:23Workers from low socioeconomic backgrounds have higher unemployment rates
00:27than those from wealthier backgrounds.
00:29By raising the employment rate of these workers to match that of their wealthier peers,
00:352.1 million people could be added to the workforce.
00:38Assuming that each extra person employed results in almost 75,000 euros of added value,
00:45GDP would increase by around 160 billion euros.
00:50Workers from low socioeconomic backgrounds are also less likely to have high-skilled jobs.
00:55Adjusting the skills mix of jobs that low socioeconomic background graduates pursue
01:01to match their wealthier peers with the same education level
01:04could boost GDP by an additional 590 billion euros.
01:09Low socioeconomic background workers often progress more slowly in their careers
01:14than their wealthier counterparts, even in similar jobs.
01:18Accelerating their career progression could result in a 44% increase in value
01:23for those in high-skilled jobs, adding 570 billion euros to the overall GDP.