Today, women are at the forefront of the world’s largest economies. At high level positions, they are also trying to perform to the maximum. Treasury Secretary Janet Yellen, Commerce Secretary Gina Raymondo and Trade Representative Catherine Thai hold high positions in the administration of US President Joe Biden. Many of Biden’s financial advisers are women. Forty-eight percent of cabinet-level officials are women. This change is already reflected in the economy.
“The changes that women make when they spearhead initiatives are very clear. Societies are better, economies are better, and the world is better,” Georgieva said, citing research reports from the IMF and other organizations. The American Psychological Association has found that COVID-19 deaths are lower in US states with female governors than elsewhere.
Biden unveiled a $ 2.3 trillion development plan last week that would set aside $ 400 billion for the “care economy.” The money was earmarked to promote home-community-based work that cares for children and adults. Governments do not pay enough attention to this field where most women work.
Experts say women leaders can bring a new perspective to economic policy. “When you are different from the rest of the group, things often look different,” says Rebecca Henderson, a professor at Harvard Business School.
In the past 50 years, 57 women have been presidents or prime ministers of their respective countries. But until recently, men controlled financial decision-making institutions.
Now shifting the perspectives outside of the US, Christine Lagarde is the woman behind the $ 2.8 trillion balance sheet of the European Central Bank. Kristalina Georgieva is the co-founder of the International Monetary Fund, which has a $ 1 trillion loan capacity. Okonjo Ivala is the head of the World Trade Organization. These are the positions that men held 10 years ago. Finance ministers in 16 countries are women. All the 14 central banks are safe in their hands.
Women‘s empowerment is also a grip of relief on the collapsed economy. The IMF says bringing back women who lost their jobs after the coup will boost India’s GDP by 27 percent.