📰 Jackson Hole 2025: Ageing Populations & Migrant Labour in Focus
🌍 Global Concern
⚠️ Central bankers warn:
👴 Ageing populations + shrinking workforces = lower future growth
✅ Migration = key for economic stability & productivity
🇪🇺 Europe’s Reality
💬 Christine Lagarde (ECB):
🌍 Foreign-born workers = 9% of workforce (2022)
➕ Contributed to 50% of labour force growth in last 3 years!
🇩🇪 Germany: GDP would be 6% lower without migrants
🇪🇸 Spain: Post-pandemic rebound powered by foreign labour
📉 Helped control inflation & avoid recession
⚠️ Warning: Political pushback could limit migration
🇯🇵 Japan’s Challenge
💬 Kazuo Ueda (BoJ):
🧑🤝🧑 Foreign-born workers = 3% of workforce
➕ Made up half of recent labour force growth
👩💼 Women & 👵 elderly joining workforce, but gains almost maxed out
➡️ Next step: Discuss immigration seriously
🇬🇧 UK’s Warning
💬 Andrew Bailey (BoE):
By 2040 → 40% of UK population = above working age
✅ Migrant labour = essential to keep economy moving
📊 By the Numbers
🇪🇺 Europe: 9% foreign-born → 50% labour growth
🇩🇪 Germany: GDP ↓ 6% without migrants
🇯🇵 Japan: 3% workforce → 50% growth from migrants
🇬🇧 UK: 40% population retired by 2040
💡 Big Picture
📌 Ageing + low birth rates = long-term economic risk
📌 Immigration = economic & monetary policy issue
🎯 Theme at Jackson Hole:
“Labour Markets in Transition: Demographics, Productivity, and Policy.”
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