Abu dhabi: Foreign workers have significantly bolstered the eurozone economy Speaking on Saturday, Lagarde stated that an influx of foreign labor has helped to offset challenges like shorter working hours and declining real wages in some sectors.

According to Emirates News Agency, 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 9% of the total labor 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.