ECB president Christine Lagarde at the US Federal Reserve’s economic symposium in Jackson Hole, Wyoming. Photo: Reuters
A jump in the share of foreign-born workers after the pandemic helped Europe bring inflation down without sharply slower growth, European Central Bank (ECB) president Christine Lagarde said on Saturday.
A key factor “has been the rise in both the number and participation rate of foreign workers”, Ms Lagarde said in a speech in Jackson Hole, Wyoming, at a Federal Reserve economic symposium. “In Germany, for example, GDP would be around 6pc lower than in 2019 without the contribution of foreign workers.”
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