Women are great influencers in economy: Lagarde
International Monetary Fund chief Christine Lagarde
Tokyo: Empowerment of women and equal opportunities are crucial for driving a stronger global economic recovery, and for revitalizing Japan, the head of the International Monetary Fund said on Friday.The global recovery is too tepid and too turbulent, IMF chief Christine Lagarde told a gathering organized by the Japanese government and business groups to support Prime Minister Shinzo Abe’s campaign to promote a bigger role for women in the economy.
“Even after the crisis abates, we will face grave challenges to growth,” Ms Lagarde said.The global economy is not utilizing women effectively and is “tossing away economic growth at a time when it cannot afford such wanton waste,” she said, noting the influence wielded by women, who account for about 70 per cent of all consumer spending.
Mr Abe has made greater gender equality a priority in his “Abenomics” program aimed at propelling the world’s third-largest economy out of a long deflationary slump. Last week, Mr Abe appointed five women as ministers in a Cabinet reshuffle, matching the previous record set by former Prime Minister Junichiro Koizumi. But overall, relatively few women hold political office or executive positions in business.
Long working hours and limited access to affordable child and elder care are obstacles for working mot-hers, while employment and tax systems are structured to favor families with stay-at-home moms. When women do return to work as their children get older, they generally can only get part-time, lower paying work.
Countries need to change policies, also institutions, attitudes in order to boost growth by using their fem-ale talent, she said.
( Source : AP )
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