European Central Bank President:"Foreign employment gave a strong boost to the eurozone economy"
Wyoming (United States) on August 23/ WAM/ Christine Lagarde, President of the European Central Bank, said that the flow of foreign workers gave a strong boost to the eurozone economy over the past few years, which has contributed to compensating for the lack of working hours and decreased real wages.
The immigration to the European Union caused the population of the bloc to a record number last year, despite the decrease in the number of births.
Lagarde said in a speech today, Saturday, at the annual symposium of the Federal Reserve (US Central Bank) in Jackson Hall, Wyoming, USA, said that the high number of workers from outside the twenty countries that share the euro currency contributed to supporting the bloc economy despite the increasing preference for work for less hours and low standard of living in some sectors.
Lagarde indicated that despite their representation of only about nine percent of the total workforce in 2022, foreign workers contributed to the half -growth of the (European Union) during the past three years and without this contribution, the conditions of the labor market will be more difficult and the output.
She explained that the gross domestic product in Germany would have been about six percent less than it was in 2019 without foreign workers, and that the strong economic performance of Spain since the end of the Kofid-19 was mostly due to the contribution of foreign workers.
The population of the European Union increased to a record number of 450.4 million people last year, as the net immigration compensated the natural decline of the population for the fourth year in a row.
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