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Janet Yellen on promoting women to boost the Economy of US and South Korea

Increasing the number of women in the workforce and providing them with more leadership chances will increase both South Korea's and the United States' economic potential.


Janet Yellen on  promoting women to boost the Economy of US and South Korea

SEOUL, July 19 (Reuters) - According to U S Treasury Secretary Janet Yellen, increasing the number of women in the workforce and providing them with more leadership chances will increase both South Korea's and the United States' economic potential. Yellen, the first woman to lead the U.S. Treasury, told the ladies in Seoul that women were a "giant untapped resource" for the United States and South Korea.

The remarks at Biden administration are battling to save elements of its domestic program, such as increased spending for child care and universal preschool designed to encourage the involvement of women in the workforce. The opposition of Democratic Senator- Joe Manchin has thwarted President Joe Biden's efforts to move significant legislation that includes funding along with initiatives to combat climate change and raise taxes on large corporations.

Yellen told sources on Monday that, " increasing access to paid leave and child care remained a priority for the Biden administration, adding: "We're not throwing in the towel on any of it." Yellen noted that Although South Korean women hold 20% of management roles in South Korea, they are among the most educated in the Organisation of Economic Cooperation and Development countries. According to the highest gap in OECD, the data indicates they are likely irregular workers, who on average earn 31% lesser than men.

According to projections from the International Monetary Fund, reducing the gender gap in labor force participation could increase South Korea's real gross domestic product by more than 7% by 2035. Yellen stated that many Korean women felt pressure to stay at home and have families, adding that "women should be allowed the ability to continue in the workforce." Even in developed nations like the US, women were prevented from moving up to high positions in both the public and commercial sectors, says the source.

A Treasury representative told the discussion centered on the difficulties of advancing in the IT industry while juggling careers and families. During the meeting with Yellen and other female economists from the Bank of Korea, the first Robo adviser in South Korea, founded and run by Jenna Lee, embraced the opportunity to meet Yellen.

Yellen told the sources, "The problems women confront are far more obvious in the financial and tech sector. We are completely aware that we are serving as role models for the future generation. In a meeting with economists from the Bank of Korea, she discussed her own experiences in the traditionally male-dominated field of economics. She claimed that marriage to a man who "strongly believed in a fair division of labor in our household" ultimately allowed her to balance family and career. The source also claimed, she said that throughout her time at the Federal Reserve, she had fought to increase the "disappointingly low" proportion of women in top positions and to increase the comparatively small number of women who studied economics in the country. The economists gave Yellen a plaque stating that she had motivated them to learn more, do more, and become more.

Source: https://www.reuters.com/world/yellen-says-more-opportunities-women-will-boost-economic-potential-us-skorea-2022-07-19/

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