How much more can Germany bear?? .......... We have listed Migrant crisis to be one of the top macro theme of 2016 and latest report from German interior ministry suggest we might be very right in doing so.

According to the report, 1.1 million migrants have taken refuge in Germany in 2015, which is an all-time record and way higher than previous year's figure 202,834 claims. Moreover, ministry indicated that the figure could get revised upwards, since this number only represents people who have register in Germany's computerized filing system 'EASY'. So the figure could be seen as first official flash estimate and indicative.

2016 could also be similar. However, due to recent change in asylum rules, migrants arriving from Balkan region, which accounted for 30% of total migrants in 2015 has fallen heading to December. Syrians represent 34% of the total claims.

The number is definitely large but not large enough when compared to Germany's more than 80 million strong population. But real crux is not in numbers but in religion. Most asylum seekers are Muslims trying to refuge in a country predominantly of Christian faith.

We expect migrant arrivals, which has already soured relations between countries in European Union and with Germany's own ruling coalition, to face further pressure in 2016, which might even pose challenge to the chancellery of Angela Merkel, Time magazine's person of the year, 2015.