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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