IMF Says 50 Mln Americans Live in Poverty, Unveils Steps to Boost Economic Growth
Fifty million Americans still live in poverty in the United States, including almost one-in-four US children, the International Monetary Fund (IMF) said Wednesday. ● In its newest report on the world’s largest economy, the IMF urged Washington to boost the nation’s sluggish long-term growth and employment rates to tackle its social vows. “Despite improving growth and rising employment, almost 50 million Americans still live in poverty, unable to earn enough to meet their basic needs… Improved employment prospects and economic growth will be essential to bringing this number down,” the IMF said in its annual survey. [...] The global economic monitor pointed to a slump in US economic activity in the first quarter of 2014 following an unusually harsh winter, which together with a struggling housing market, slower exports demand and a 2.9-percent drop in home production output, stole the momentum of the second half of 2013. “Growth for the year as a whole will be a disappointing 1.7 percent,” the report said, citing the “large drag” from the first quarter contraction, which will be difficult to offset.