Immigration boosted Europe’s economy after pandemic, ECB’s Lagarde says

JACKSON HOLE, Wyo. (AP) — 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.”

Spain’s strong post-pandemic economic growth “also owes much to the contribution of foreign labor,” she said.

Lagarde’s comments echoed a common view among economists that an influx of foreign workers helped companies expand their output and meet a spike in demand after the