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  2. Lagarde: EU Economy Can’t Grow Without Migrants

Lagarde: EU Economy Can’t Grow Without Migrants

Date:
August 25, 2025
Christine Lagarde warned that without foreign workers, the EU economy would be much weaker after the pandemic. Since 2022, migrants have driven half of the bloc’s job growth, despite making up just 9% of the labor force.
The ECB president highlighted that Germany’s GDP would be around 6% lower without migrant labor, while Spain’s recovery also “owes much” to foreign workers. Migration offsets Europe’s shrinking birth rate and rising preference for shorter working hours, supporting growth and easing inflationary pressures.
Lagarde cautioned, however, that political backlash and rising populism across member states could undermine these economic gains.

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