Today's Edition
WYOMING (WAM)
Foreign workers have significantly bolstered the eurozone economy, according to European Central Bank (ECB) President Christine Lagarde.
Speaking on Saturday, Lagarde stated that an influx of foreign labour has helped to offset challenges like shorter working hours and declining real wages in some sectors.
In a speech at the US Federal Reserve's annual symposium in Jackson Hole, Wyoming, Lagarde noted that while foreign workers made up only about nine percentage of the total labour force in 2022, they accounted for half of its growth over the past three years.
"Without this contribution, labour market conditions could be tighter and output lower," she said.
