India, China face economic problems due to ‘xenophobia’: Biden
"One of the reasons why our economy's growing is because of you and many others,” he told Asian Americans and other immigrants. “Because we welcome immigrants."
The economies of China, Japan and India are facing problems because of “xenophobia”, US President Joe Biden has said, adding the American economy instead felt strengthened by immigrants.
"Why is China stalling so badly economically, why is Japan having trouble, why is Russia, why is India, because they're xenophobic,” he reportedly said at a fundraising event in Washington on Wednesday (May 1).
Immigrants and economy
“They don't want immigrants,” news agency Reuters quoted him as saying. “(But) immigrants are what makes us strong."
"One of the reasons why our economy's growing is because of you and many others,” he reportedly said, addressing Asian Americans and other immigrants. “Because we welcome immigrants."
IMF prediction
The International Monetary Fund forecast last month that each country would see its growth decelerate in 2024 from the previous year, from 0.9 per cent in highly developed Japan to 6.8 per cent in emerging India.
It said the US would grow at 2.7 per cent, slightly brisker than its 2.5 per cent rate last year. Many economists attribute better-than-expected performance partly to the migrants expanding the country's labour force.
Biden vs Trump
Biden has condemned the rhetoric of his Republican opponent Donald Trump as anti-immigrant, reported Reuters. Illegal immigration is a major issue ahead of the US presidential elections.
