The economists made their calculations but warned it could be higher depending on how many more migrants arrive in the coming months.
At least 1.1million immigrants made their way to Germany last year. More than 300,000 of them have since been granted asylum.
Mrs Merkel has seen her popularity ratings plummet since she declared any refugees who made it to her country.
She has refused to set a cap on refugee numbers and has tried to ease voters’ concerns by insisting that most asylum seekers would leave when their homelands stabilised.
For more detail The end for Merkel? Chancellor’s popularity PLUMMETS as Germany faces £36bn migrant bill
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