Anti-Asian Racism in the United States Takes Drastic Toll on Economy

by Vins
Published: Last Updated on

According to a March 2023 report in Sampan, anti-Asian violence in the United  States has not only taken an emotional and physical toll on the Asian-American community: it has had an economic impact as well. Since the beginning of the COVID-19 pandemic, the Asian community has suffered xenophobia and hate crime victimization in the United States. Many Asian Americans say they are terrified to leave their homes for fear of being attacked. The resulting social isolation has led to high rates of depression and anxiety within the Asian American community, which has, in turn, also affected many sectors of the United States economy.

Sampan’s reporting looked at a study titled “Anti-Asian Racism: The Significant  Toll on US Economy and DEI Commitment,” by Bolin Shen, which highlighted the connection of trauma of the Asian community to the US economy. The study found, for example, that “Asian restaurants experienced an 18.4% decrease in traffic (estimated $7.42 billion lost revenue  in 2020 alone) comparable to non-Asian restaurants.” Shen also noted that students from Asian countries were unable to attend colleges and universities in the United States due to travel restrictions and fear of discrimination.

Many corporate media outlets, such as NBC News and the New York Times, have covered the rise of anti-Asian racism post-pandemic but have yet to explore the corresponding economic impact.

Source: Bolin Shen, “Anti-Asian Racism: The Significant Toll on US Economy and DEI Commitment,” Sampan, March 12, 2023.

Student Researcher: Caden Newman (Drew University)

Faculty Evaluator: Lisa Lynch (Drew  University)