**How Xenophobia Stymies Economic Growth: Biden Addresses Migration’s Benefits**
The Perils of Anti-Immigrant Sentiment
President Joe Biden recently highlighted the economic consequences of “xenophobia” around the world. In a speech marking Asian American, Native Hawaiian, and Pacific Islander Heritage Month, Biden pointed out that countries like China, Japan, and India are suffering economically due to their anti-immigrant policies.
“Xenophobia,” Biden explained, refers to a dislike or fear of foreigners. When countries adopt such attitudes, they create barriers to immigration, restricting the influx of people seeking better opportunities. This, in turn, limits their economic growth potential.
Biden’s comments echoed the findings of a recent International Monetary Fund (IMF) report. The IMF predicted that Japan, India, and other countries would experience slower economic growth in 2024 compared to 2023, in part due to their anti-immigrant stances.
Migration as an Economic Boon
In contrast to the countries Biden criticized, the United States has historically welcomed immigrants, contributing to its economic prosperity. “Why is our economy’s growing?” Biden asked at a fundraising event for his reelection campaign. “Because we welcome immigrants. They’re what makes us strong.”
Many economists agree that immigration has a positive impact on the U.S. economy. Immigrants expand the labor force, increasing the supply of workers and boosting productivity. They also bring skills and knowledge that enhance innovation and entrepreneurship.
Concern Over Illegal Immigration
Biden’s remarks come amid creciente concern among voters about illegal immigration. Ahead of the 2024 presidential election, migration has become a prominent issue.
Biden, who has denounced former President Donald Trump’s rhetoric on immigration as anti-immigrant, has sought to strengthen economic and political ties with countries like Japan and India to counter the influence of China and Russia globally.
Data sourced from: cnbc.com
