The International Monetary Fund released its annual review of the U.S. economy on Monday and called on the U.S. to raise its federal minimum wage rate.
The IMF described the U.S. minimum wage as low by both historical and international standards, saying that an increase would raise incomes for millions of working poor Americans.
The IMF also lowered its U.S. gross domestic product growth forecast to 2 percent for this year. For 2015, it maintained a forecast of 3 percent. At a news conference, IMF Managing Director Christine Lagarde said the contraction of U.S. growth in the first quarter occurred due to a harsh winter but that the weak growth is temporary.
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