JP Morgan: more immigrants needed to grow US economy

According to expert JP Morgan, the world's largest economy is not developing fast enough, and soon the United States will face a serious shortage of labor. More immigrants, he said, could help make up for the difference. Writes about this Fox Business.

Фото: Depositphotos

“Since 2012, the baby boom generation has been retiring in droves,” said David Kelly of JP Morgan Asset Management. “The result of this is that over the next decade the working-age population aged 18 to 64 will grow at only two-tenths of a percent per year. And this is not fast enough to develop the economy.”

The U.S. economy grew 2,5 percent last year, below the Trump administration's 3 percent target, and U.S. employers added 164 jobs last month while the unemployment rate remained at a 000-year low. .50 percent, according to the Department of Labor.

On the subject: How is life in the USA: the view of an immigrant

According to Kelly, growth in the working-age population will be only two-tenths of a percent. It also means that employment growth will mean that “3 percent [of GDP] is a pipe dream.”

“It will be very difficult for us to achieve 2 percent growth,” he said. “So over the next decade, as the baby boomers retire, one of the policy options we should consider is to increase the number of immigrants to somehow fill that hole.”

According to Kelly, 75 percent of immigrants who enter the United States every year are of working age, compared to about 64 percent of Americans.

“When you attract more immigrants, you disproportionately attract more workers, and workers are actually what the United States needs over the next decade,” he said.

Read also on ForumDaily:

Five tips for those who want to immigrate to the USA

Three clever, but legal ways to get to the US

The ten most common mistakes when applying for a green card

How to check the status of your immigration petition in the USA

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.