Larry Fink, chief executive officer of the world’s biggest asset manager BlackRock Inc., said the Trump administration’s tax plan will have a hard time driving stronger growth as baby boomers age and retire.

“With our demographics it seems pretty improbable to see sustainable 3 percent growth,” Fink said at an investing conference in Chicago. Lower immigration into the U.S. could further erode growth, taking away one of the “major engines of growth,” he said.

Gross domestic product, the broadest measure of goods and services produced in the U.S., rose 0.7 percent from a year earlier during the first three months of the year, according to the Commerce Department’s first estimate. That’s the weakest in three years.

“We’re growing slower than France. That’s really terrible,” Fink said. Part of the slowdown during the first quarter results from doubts over Trump’s agenda, he added.

The Trump administration this week announced a tax-cut