A “soft” sweep of leading positions in the global economy, despite Corona and the recession

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  Experts say women leaders can offer new visions for economic policy (AFP)</p><div><p>Women now occupy many positions to hold a reins <a target="_blank" href="https://www.alaraby.co.uk/%D8%A7%D9%84%D8%B5%D9%8A%D9%86%D9%86%D9%83%D8%B3%D8%A9-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%84%D8%AB%D8%A7%D9%86%D9%8A-%D8%A3%D9%83%D8%A8%D8%B1-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D9%81%D9%8A-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85" rel="noopener">The largest economy in the world</a>And they are trying to fix its problems, while many economists say that the extent of the damage that occurred to women as a result of the global recession that was associated with the Corona virus pandemic was severe.

Secretary of the Treasury, Janet Yellen Commerce Secretary Gina Raymondo and Commercial Representative Catherine Tay occupy senior positions in the administration of US President Joe Biden, and many of his economic advisers are women, as are about 48% of the minister-grade officials who have been installed in their positions.

This big change may have had an impact on economic policy now, as a new spending plan of $ 2.3 trillion, which Biden put forward last week, included allocating $ 400 billion to finance what he called the “care economy” by supporting home and community jobs to care for children and the elderly, which is usually an activity What is unique to women and was largely unrecognized in previous years.

The plan also allocates hundreds of billions to redress the manifestations of ethnic inequality and the inequality between rural and urban, all aspects that previous economic, trade and labor policies contributed to creating.

Yellen says the focus on “human infrastructure” and the previous $ 1.9 trillion bailout plan is expected to yield significant improvements for women, whose share of the workforce has fallen to its lowest level in 40 years even before the crisis, and for everyone in general.

And she considered that, “in the end, this plan may write a history of 80 years, as it begins to solve the structural problems that afflicted our economy in the past four decades. This is just the beginning for us.”

Experts say women leaders can offer new insights into economic policy. “When you’re different from the rest of the group, you often see things differently,” said Rebecca Henderson, a Harvard Business School professor and author of the book Reimagining Capitalism in a Burning World. She added, “She tends to be more open to different solutions,” and this is what the situation requires. “We are in a moment of economic crisis. We need new ways of thinking,” she said.

Sympathy and stability

Over the past half century, 57 women have held the positions of president or prime minister in their countries, yet men have largely controlled the institutions that make economic decisions until recently.

And outside the United States stuck Christine Lagarde At the helm in the European Central Bank with its 2.4 trillion euro financial statement. And take over Kristalina Georgieva Managing the International Monetary Fund, which has lending powers of one trillion dollars. Headed Ngozi Okonjo-Iwela WTO. Only 10 years ago, men held these three positions.

Women occupy the Ministry of Finance in 16 countries and head 14 central banks worldwide, according to an annual report prepared by the Omviv Research Foundation, whose activities focus on central banks and economic policy. The limited measurement tools available indicate that women have a better record of managing complex institutions during periods of crisis.

“When women have a role, the evidence is very clear. Societies are better, the economy is better, and the world is better,” Georgieva said in January. “Women are great leaders, because we show compassion and raise our voice in defense of the most vulnerable people. Women are decisive … and they could be more willing to search for a compromise,” she added.

And a study conducted by the American Psychological Association showed that the US states in which women hold the office of governor witnessed fewer deaths due to Covid-19 than the states in which men lead. The Harvard Business Review also reported that women scored much better in comprehensive assessments of 60,000 leaders from March to June 2020.

Research conducted by the International Monetary Fund shows that women represent less than 2% of chief executives in financial institutions, and less than 20% of executive board members, but the enterprises run by women exhibit greater financial flexibility and stability.

Eric Lokumt, a United Nations consultant and executive director of a charity advocating for debt relief, said he noticed a clear difference during a meeting with Yellen and leaders of Christian and Jewish religious groups last month. “For 20 years, I have met with Treasury ministers and their talking points were very different. In all the areas we discussed, Yellen focused on sympathy and the impact of policies on vulnerable groups,” he added.

He added that the men who preceded her in the ministry had an approach that focused primarily on “numbers, not on people,” and none of them ever mentioned words like “weak.”

Global losses

Many economists say the extent of the damage inflicted on women by the global recession that was associated with the Coronavirus pandemic was severe.

A recent study conducted by the McKinsey Foundation found that women represent 39% of the total workforce worldwide, but their losses in terms of job losses represent 54% of the overall total.

In the United States, women’s losses accounted for more than half of the ten million jobs lost during the Covid-19 crisis, and more than two million women left the workforce entirely.

The International Monetary Fund estimates that bringing them back to work could raise GDP by 5% in the United States, 9% in Japan, 12% in the United Arab Emirates, and 27% in India, which has the largest democratic system of government in the world.

The emergence of female leaders should lead to “a more comprehensive response, in the truest sense of the word, to the very many challenges that Covid has created,” Carmen Reinhart, World Bank chief economist, told Reuters.

Tye, the first woman of color to head the US Bureau of Trade Representation, asked the people under her leadership to think outside of the traditional box and work to accommodate diversity and address groups that have been neglected for long periods.

Okonjo-Iwela, the first African to head the World Trade Organization, which oversaw trade flows of nearly $ 19 trillion in 2019, said addressing women’s needs would be an important step towards rebuilding trust that has been severely eroded in government and global institutions.

Okonjo-Iwela, who was also Nigeria’s first finance minister, added: “The lesson for us is to ensure … that we do not sink into business as usual.”

(Reuters)





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