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Systemic Racism Slows Economic Growth in US, Says Dallas Federal Chief Robert Kaplan

FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks during an interview in his office at the bank's headquarters in Dallas, Texas, U.S. January 9, 2020. REUTERS/Ann Saphir/File Photo

FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks during an interview in his office at the bank's headquarters in Dallas, Texas, U.S. January 9, 2020. REUTERS/Ann Saphir/File Photo

A more inclusive economy where everyone has an opportunity will mean faster workforce growth, faster productivity growth and will grow faster. And so I think we're right to focus on this and bore in on this, Kaplan said on CBS' "Face the Nation."

Systemic racism and high unemployment levels among black and Hispanic Americans create a drag on the U.S. economy, Dallas Federal Reserve President Robert Kaplan said on Sunday.

"A more inclusive economy where everyone has an opportunity will mean faster workforce growth, faster productivity growth and will grow faster. And so I think we're right to focus on this and bore in on this," Kaplan said on CBS' "Face the Nation." "It's in the interest of the U.S. The fastest growing demographic groups in this country are blacks and Hispanics. If they don't participate equally then we're going to grow more slowly."

first published:June 14, 2020, 21:45 IST