Xenophobia Impedes Economic Growth in China, Japan, and India Biden

06 May, 2024

Xenophobia Impedes Economic Growth in China, Japan, and India Biden

President Joe Biden pointed out the detrimental impact of "xenophobia" on the economic growth of China, Japan, and India during a Washington fundraising event marking the commencement of Asian American, Native Hawaiian, and Pacific Islander Heritage Month. Biden emphasized the vital role immigrants play in driving economic prosperity, contrasting the welcoming stance of the US towards immigrants with the restrictive policies of other nations.

He attributed the economic struggles of China, Japan, Russia, and India to their reluctance to embrace immigration, asserting that immigrants contribute significantly to national strength. The International Monetary Fund's recent projections anticipate a deceleration in growth for each of these countries in 2024, with Japan experiencing a 0.9% growth rate and India projecting 6.8% growth, compared to the United States' forecasted 2.7% growth rate.

Economists attribute part of the US's better-than-expected economic performance to the contribution of migrants expanding the labor force. Concerns about irregular migration have become a prominent issue for US voters ahead of the upcoming presidential election. Biden's administration has sought to strengthen economic and political ties with nations like Japan and India as part of a broader strategy to counter global powers like China and Russia, while condemning anti-immigrant rhetoric propagated by political opponents like Donald Trump.