Wow, 330 million cannot work today. I would recommend finding out how many adult individuals are there in the labor force. Do the same for EU.
You'll soon realize there just aren't enough to support so many industries.
I can speak for the US about how labor shortage affects every one. US has the craziest doctor residency programs. This ultimately causes a massive massive shortage of doctors. This affects society in unbelievable ways. There are so many people who could've done so much more, but can't do so because they need specialized treatment. The doctors for these aren't available quickly enough. By the time doctors are available and treatment is done, these folks are defeated and depleted mentally and financially.
How did the artificial shortage work out?
Same applies for a lot of industries. If you want to work in ALL the industries, you need the best in ALL the industries and 500 million (which is aging rapidly) won't cut it at all. Especially when you are competing with China.