J.P. Morgan Funds’ Chief Global Strategist David Kelly told advisor company executives Thursday that their clients should look at long-term growth overseas, because the U.S. economy is going to slow down in two years.

Speaking at the Investment Adviser Association’s annual leadership conference in suburban Washington, D.C., Kelly said foreign economies are growing well overall, yet investors are afraid to invest in them.

He blamed the media’s focus on bad news from abroad.

Kelly said U.S. growth will be dampened by a shortage of workers caused by the massive retirement of baby boomers and by the high number of American men (12.5 percent) with felony convictions.

The J.P. Morgan financial analyst said growth would be helped if the federal government loosened immigration restrictions, which would bring in more workers.

He also said the economy is slowing because of a poor growth in productivity and output per worker caused by too little capital spending by business and by the increase of service jobs as a share of the economy.

To increase investment, making productivity gains more possible, Kelly said the corporate tax rate should be cut.