US economy lost $16 trillion in last 20 years due to racial wealth gaps: Report

United States ecomy lost $16 trillion in past 20 years due to key racial gaps for Black Americans in ws, housing, education, and investment said Citigroup in its latest report. aver Black family in United States owns only one-tenth of wealth of aver white family. narrow this gap, Citigroup has pledged $1 billion in strategic investments over next three years, which will be aimed at removing barriers that impede communities of colour from building generational wealth. 

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"Today, after assessing how we can improve ways we do business, we are unveiling a set of initiatives to help close racial wealth gap and increase ecomic mobility in U.S. We are calling this sweeping approach Action for Racial Equity. We hope it will be a guiding light for our company and inform and d to our work for years to come," American lender said in its report. 

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Citigroup said that by increasing ir annual spend on diverse suppliers, y will help more Black entrepreneurs get financing y need to start and grow ir businesses. Bank said that it is going to tackle homeownership crisis in community of colour by increasing access to mortgs and by supporting mirity developers who are building affordable and workforce housing. Citigroup ded that if wealth gap is closed it would help d $5 trillion to American ecomy over next five years. 

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Anti-racism protests

United States has been witnessing anti-racism protests for past couple of months, particularly after killing of an African-American man George Floyd in Minneapolis on May 25. Floyd was killed by a white police officer named Derek Chauvin after latter pinned him down on ground with his knee and remained in position for about eight minutes. After video of incident went viral, people took to streets to demand racial equality and reforms in policing.  

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(Im Credit: AP)