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Global Business

Inequality, low wages weaken global growth: IMF official

WASHINGTON: A hollowing out of the middle class in advanced economies like the US, amid weak wage growth and rising inequality, is holding back global growth, a senior IMF official said Monday. Tao Zhang, the International Monetary Fund's deputy managing director, said the fund's economic growth forecasts due out next month, will show little change in the global recovery that is still relatively slow. "Nearly a decade after the global financial crisis, the global economy is getting better," Zhang told a gathering¬†of…