Not addressing racial gaps between black and white Americans has cost the US economy up to $16 trillion (Dh58.72tn) in the past two decades, according to Citigroup.
If the US eliminates the most severe forms of economic discrimination against African Americans today, its gross domestic product will increase by $5tn over the next five years, Citigroup's global chief economist Catherine Mann and economist Dana Peterson, wrote in a report titled Closing the Racial Inequality Gaps.
This would translate to an average of 0.35 percentage point to the world's biggest economy's GDP per year and 0.09 percentage point to global growth on an annual basis, they said.
Wages, education, housing and investment were the four key areas where severe economic discrimination has persisted in the past 20 years.
Eliminating the wage gap associated with racial inequality could have added $2.7tn in income or about 0.2 per cent to GDP per year in the past 20 years. Facilitating easy access to higher education for black students could have increased their lifetime incomes by $90 billion to $113bn, according to the report
Improving access to housing credit might have added an additional 770,000 black homeowners over the past 20 years, generating $218bn in sales and expenditures over that period.
Providing fair and equitable lending to black entrepreneurs could have generated an additional $13tn in business revenue and created 6.1 million jobs per year, the report added.
“These costs are most evident in racial gaps: wide numerical differences in key social and economic indicators between black and white Americans,” Citigroup economists wrote.
“These gaps are apparent in unemployment, net worth, debt levels, wages, peak income, financing for businesses, spending on education and rates of imprisonment and sentencing levels.”
Racial inequality has taken centre stage in US following the death of African American George Floyd earlier this year. Police brutality and the disproportionate impact of the virus outbreak on the minorities are core topics in the upcoming presidential elections in November.
“Black, Latinx, and Native Americans have been hospitalised for Covid-19 at a disproportionately high rate, a direct result of what the Centers for Disease Control and Prevention has identified as ‘long-standing systemic health and social inequities’,” Raymond McGuire, Citigroup’s vice chairman and chairman of the lender’s banking, capital markets and advisory business, said in the report.
“Blacks and people of colour are also bearing a disproportionate share of the pandemic’s economic devastation. And the killings of Ahmaud Arbery, Breonna Taylor and George Floyd have finally shaken the US and the world awake to the egregious racial inequities in our criminal justice system,” Mr McGuire, said.
To emerge from a history of segregation and discriminatory policies, the government, politicians, corporations and individuals need to do “considerable work”, Citigroup economists said.
Government, they said, can help by eliminating discriminatory barriers and implementing policies that support work, home ownership, entrepreneurship and well-being. Financial inclusion, implementation of tax reforms and implementing “salary history ban” will also help close gaps.
Basic actions include adequate race-specific data collection, prohibiting discrimination in wages, access to housing; jobs, education, and financial services, according to the report.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
UAE currency: the story behind the money in your pockets
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
Schedule for show courts
Centre Court - from 4pm UAE time
Johanna Konta (6) v Donna Vekic
Andy Murray (1) v Dustin Brown
Rafael Nadal (4) v Donald Young
Court 1 - from 4pm UAE time
Kei Nishikori (9) v Sergiy Stakhovsky
Qiang Wang v Venus Williams (10)
Beatriz Haddad Maia v Simona Halep (2)
Court 2 - from 2.30pm
Heather Watson v Anastasija Sevastova (18)
Jo-Wilfried Tsonga (12) v Simone Bolelli
Florian Mayer v Marin Cilic (7)
