Lagarde says Europe’s economy would be even worse without the immigrants who moved in after the pandemic

A jump in the share of foreign-born workers after the pandemic helped Europe bring inflation down without sharply slower growth, European Central Bank President Christine Lagarde said Saturday.

A key factor “has been the rise in both the number and participation rate of foreign workers,” Lagarde said in a speech in Jackson Hole, Wyoming, at a Federal Reserve economic symposium. “In Germany, for example, GDP would be around 6% lower than in 2019 without the contribution of foreign workers.”

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