Outlines Actionable Steps for Governments, Corporations and Individuals to Help Eliminate the Economic Gaps
Citi released a new report that estimates the economic losses attributed to racial inequality in the United States over the last two decades. The Citi Global Perspectives & Solutions (GPS) report Closing the Racial Inequality Gaps: The Economic Cost of Black Inequality in the U.S. posits the lost GDP of systemic and societal racism and discrimination faced by Blacks over the last 20 years to be $16 trillion. This loss includes gaps in wages, access to housing and higher education and investment in Black-owned businesses. The report also provides recommendations the public and private sectors can take to help close the gap.
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“Racial inequality has always had an outsized cost, one that was thought to be paid only by underrepresented groups”
“Racial inequality has always had an outsized cost, one that was thought to be paid only by underrepresented groups,” said Raymond J. McGuire, Vice Chairman of Citigroup and Chairman of Banking, Capital Markets and Advisory at Citi. “What this report underscores is that this tariff is levied on us all, and particularly in the U.S., that cost has a real and tangible impact on our country’s economic output. Now, more than ever, we have a responsibility and an opportunity to confront this longstanding societal ill that has plagued Black and brown people in this country for centuries, tally up the economic loss and as a society, commit to bring greater equity and prosperity to all.”
The report identifies the underlying causes of the racial and economic gaps exacerbated by the COVID-19 pandemic and discusses the value of closing gaps. Report authors prognosticate that if racial inequity gaps were closed today, the equivalent add to the U.S. economy over the next five years could be $5 trillion of additional GDP, or an average add of 0.35 percentage points to U.S. GDP growth per year and 0.09 percentage points to global GDP growth per year.
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