- Xenophobic means a kind of fear, that fear keeps people from outside
- Countries like India, China, Russia do not welcome outsiders, the economy stagnates
- IMF estimates Japan’s growth at 0.9 percent
US President Joe Biden said that countries like India are xenophobic and this is the reason for lagging behind as an economic power. Biden said that countries like India, China, Japan and Russia are xenophobic countries. Their economy is affected because of it. Xenophobic means a kind of fear, that fear keeps people from outside. Biden said that countries like India, China, Russia and Japan do not welcome outsiders. That is why their economy is not developing much.
Biden said in a program, ‘Our economy grows fast because we and other people work hard. It is because we welcome tourists.’ By giving the example of China, Biden explained why China’s economy has stalled. Why is Japan in trouble? What is the position of India and Russia? This is because they are xenophobic. Those people don’t want a tourist community. But America is strengthened by tourists.
IMF recession forecast
The IMF has expressed fear of recession this year by 2023. According to the IMF, Japan’s growth will be 0.9 percent. The growth rate of a developing country like India will also be 6.8 percent. America’s growth rate will be 2.7 percent. The condition of America will improve a little. Last year, the US growth rate was 2.5 percent. Experts say that the reason for the improvement in the US economy is tourists. The economy is likely to get a boost as people from outside the US join the workforce.
