WASHINGTON, D.C. (NBC33) -- The International Monetary Fund has suggested a minimum wage hike in the U.S. to help with a slumping economy.
NBC News reports that the IMF called the U.S. minimum wage low by "both historical and international standards" in their annual review. The IMF said that an increase in the federal minimum wage would help the U.S. economy grow.
This is the first time the IMF has ever endorsed a minimum wage increase in the United States.
The IMF is a global economic organization made of 188 countries that oversees the world's monetary and financial systems. It is considered one of the main organizations for maintaining and monitoring economic growth throughout the world by advising its member nations on economic policy. The IMF also gives out conditional loans to help with balance of payments and poverty reduction.
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