In a new report, HSBC Global Research analyst Rainer Sartoris takes a close look at the impact that a flood of immigrants are having on European economic leader Germany. According to Sartoris, immigrants could cost Germany €33 billion in 2017.

German Prime Minister Angela Merkel opened Germany’s doors to humanitarian crisis refugees from Syria and elsewhere in the Middle East last year. More than a million refugees took advantage of Germany’s generosity, but not all Germans were happy with the inflow of refugees. In fact, the rise of right-wing anti-immigration political parties in Germany and throughout Europe is likely due to the recent influx of refugees.

In response to the political uprising, borders have been closed in the Balkans and Austria and the EU has reached an agreement with Turkey to prevent immigration across the Mediterranean.

Despite the efforts to curb the inflow of immigrants, the number of first-time asylum applicants so far in 2016 is…

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