Renowned investor Larry Fink, founder of BlackRock, recently expressed his views on the impact of migration on developed countries. Speaking at a global event hosted by the World Economic Forum in Saudi Arabia, Fink highlighted the challenges that high-tech, productivity-boosting technologies face in countries with growing populations. He mentioned that countries with shrinking populations, such as China and Japan, are embracing robotics, AI, and technology due to their restrictive immigration policies. Fink believes that this technological advancement can lead to increased productivity and improve the standard of living for individuals in these countries.
In contrast, Fink mentioned that countries with expanding populations need to focus on education and the rule of law to address the economic divide. He noted that mass immigration can negatively impact productivity, per capita GDP, quality of life, and inequality in the long run.
The article also discusses the economic consequences of mass migration, inflation, housing prices, and interest rates, which have led to a decreased willingness among CEOs to invest in automation and productivity growth. Despite these challenges, President Joe Biden continues to support pro-migration policies, while former President Donald Trump has focused on ending illegal migration without addressing legal migration reforms to benefit voters and innovation.
Overall, the article highlights the complex relationship between migration, economic growth, and technological advancement, emphasizing the need for a balanced approach to address the challenges posed by population dynamics and immigration policies.
