Europe’s social mobility progress has stalled over the past decade, hindering economic growth by an estimated €1.3 trillion. A new study by McKinsey reveals that more than a third of Europeans face barriers to social mobility, leading to lower employment rates and slower career growth compared to those from wealthier backgrounds.
The study analyzed data from Eurostat’s EU Labour Force Survey and surveyed over 3,000 workers from Britain, Germany, and Italy. It found that workers from low socioeconomic backgrounds have higher unemployment rates (9.4%) than those from wealthier backgrounds (5.3%). Their periods of joblessness last at least five months longer on average.
To boost economic growth, McKinsey suggests improving social mobility could raise GDP by 3% to 9%. Closing the skills gap without new training or reskilling could achieve this goal. The study also found that adjusting the skills mix of jobs for low-socioeconomic background graduates could boost GDP by an additional €590 billion.
Accelerating career progression for low-socioeconomic background workers could lead to a 44% uplift in value creation for high-skill job holders and 13% for those in higher-medium skill jobs. This would add €570 billion to Europe’s combined GDP.
Source: https://www.euronews.com/my-europe/2025/04/03/fact-check-are-donald-trumps-tariffs-on-the-eu-really-reciprocal