New Delhi, Aug. 26 -- Fed chief Jerome Powell's hint of a US policy rate cut if jobs turn out to be a bigger worry than inflation grabbed the spotlight at the annual Jackson Hole symposium in Wyoming. But Western economies have other major challenges to confront.

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As their people age, they need foreign workers to help sustain output growth. Germany's GDP would have been about 6% lower without such workers, noted European Central Bank president Christine Lagarde, while Spain's post-pandemic rebound owes them "much".

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With anti-immigration political rhetoric on the rise, however, entry barriers cou...