When women run the economy – level 3

14-04-2021 07:00

Women hold many top jobs in the world´s largest economy and major global economic institutions.

In the US, Treasury Secretary Janet Yellen, Commerce Secretary Gina Raimondo, and Trade Czar Katherine Tai hold top jobs in President Biden´s administration. Nearly 48% of Biden´s confirmed cabinet-level officials are women, and this change may be already affecting economic policy by shifting the focus to people instead of numbers.

Outside the US, there´s Christine Lagarde at the helm of the European Central Bank, Kristalina Georgieva heads up the International Monetary Fund, and Ngozi Okonjo-Iweala runs the World Trade Organization, although all these jobs were held by men only a decade ago.

Women run finance ministries in 16 countries, and 14 of the world´s central banks. The stakes are high as the global recession has been referred to as a ´she-session´ because of how hard it has hit women. Women comprise 39% of the global workforce; however, they account for 54% of overall job losses.

Difficult words: helm (a wheel for steering a ship or boat; leadership in a company), stake (the costs or risks involved in something), comprise (to consist of something).

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