Gender and Macroeconomics, What’s Next?

Gender and Macroeconomics: What’s Next?

Location: HQ1 Atrium, HQ1-1-700

Although the economic benefits of female economic empowerment and the policies that support its advancement are well-known, much remains to be done to deliver on the goal of a meaningful and lasting transformation. The panel will take the debate on gender and macroeconomics one step further. Panelists will discuss the practical measures needed, look at what works and what does not, and consider what each committed partner—in government, the private sector, and beyond—needs to do to drive change.

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Moderator

Sara Eisen, CNBC Anchor “Worldwide Exchange”

Sara Eisen is a CNBC correspondent focusing on the global consumer and co-anchor for “Worldwide Exchange” and “Squawk on the Street” from theNYSE. Previously she was a correspondent for Bloomberg Television covering global macroeconomics and policy. Eisen holds a master’s degree in broadcast journalism with a concentration in business reporting from the Medill School of Journalism at Northwestern University.

Panelists

Christine Lagarde, Managing Director, IMF

Christine Lagarde has been Managing Director of the International Monetary Fund since July 2011. She held various ministerial positions within the French government, including Finance and Economy Minister (2007–11), Minister for Foreign Trade, and Minister for Agriculture and Fisheries. She was also Chairman of the Global Exchange Committee and Global Strategic Committee of Baker & McKenzie.

Winnie Byanyima, International Executive Director, Oxfam

Winnie Byanyima is the Executive Director of Oxfam International. She is a leader on women’s rights, democratic governance and peace building. She served eleven years in the Ugandan Parliament, and has served at the African Union Commission and as Director of Gender and Development at the United Nations Development Program. She co-founded the 60-member Global Gender and Climate Alliance and chaired a UN task force on gender aspects of the Millennium Development Goals, and on climate change. Ms. Byanyima is a member of the UN High Level panel on Women’s Empowerment.

Siv Jensen, Minister of Finance of Norway

Siv Jensen has been Minister of Finance of Norway since 2013. She has been a member of the Norwegian parliament since 1997. She has a degree in business studies from the Norwegian School of Economics.

Muhtar Kent, CEO, Coca Cola

Muhtar Kent joined The Coca-Cola Company in Atlanta in 1978 and has held a variety of global marketing and operations leadership roles throughout his career. In 2005, Mr. Kent was appointed President of Coca-Cola International, responsible for overseeing all operations outside of North America. In 2006, he assumed the role of President and Chief Operating Officer and in 2008 was elevated to President and CEO. He was named Chairman of the Board of Directors in 2009.

Amina J. Mohammed, Deputy Secretary General, United Nations.

Amina Mohammed is the Deputy Secretary-General of the United Nations. Previously, Ms. Mohammed was a key player in the Post-2015 development process, serving as the Special Adviser to UN Secretary-General on Post-2015 development planning. Before joining the UN, Ms. Mohammed was Minister of Environment of Nigeria, and also served as Founder and CEO of the Center for Development Policy Solutions and as an Adjunct Professor for the Master’s in Development Practice program at Columbia University.

Gender and Macroeconomics: What’s Next?

Contributor: Rasheeda Smith Yee, Secretary’s Department

Although the economic benefits of and policies needed to support female economic empowerment are well-known, much remains to be done to deliver meaningful and lasting transformation. Panelists discussed the practical measures needed and considered the role of the government and the private sector in driving change.

Key Points:

- Why gender gaps exist. Lagarde highlighted that 90 percent of countries have legal provision that discriminate against women, underscoring the need to address this issue in advanced, middle-income, and low-income countries. Mohammed added that the issue is difficult to address given the gender bias in parliaments. Byanyima underscored that the current economic model is designed to have a few winners at the top and many losers, and changing the model will require not only improving gender equality but also reducing other forms of inequality.

- Why address gender gaps. Eisen highlighted that statistics show that gender diverse companies are 15 percent more likely to outperform their peers. More women in senior roles of corporations boosts financial performance. Jensen noted that for Norway, if women that current work part time were to work full time, this would cover Norway’s financial gap in 30-40 years.

- Key measures. Jensen underscored the importance of government policies that improve access to higher education, encourage parental leave, and ensure affordable daycare. Mohammed added that education incentives for women should be focused on areas where skills gaps exist. Byanyima agreed, noting that in richer countries where gender gaps also remain, gender bias in areas of study, such as in science and technology, plays a more significant role. Lagarde and Byanyima underscored the need to address issues related to the availability and safety of public transport. Kent added that employing technology to enhance flexibility will be key in improving work force access for women at all levels.

- Work on gender issues. Lagarde noted that the Fund has extended surveillance work in pilot countries to include issues such as women’s inclusion in the work force. The Fund has also identified policies, including fiscal measures and structural reforms, to help address this issue. Mohammed highlighted the United Nations’ work in encouraging governments to incentivize the removal of barriers by the private sector and set gender targets for not just countries but businesses as well. Kent highlighted Coca Cola’s success in increasing woman in leadership positions, including on the Board of Directors, through a multi-year program aimed at reducing barriers to women. Coca Cola has also partnered with governments, civil society, and NGOs in various countries to create and empower women entrepreneurs.

- Models for success. Lagarde noted that Rwanda is the most inclusive country in Africa and possibly in the world. Canada and the Nordic countries are also good examples of countries that are putting women’s issues high on the agenda. Mohammed highlighted the need to disaggregate country data to properly assess countries and noted that in rural United States many people have been left behind.

Quotes:

“The fastest road to inclusive, diversified, less unequal growth is women.” Christine Lagarde, Managing Director, IMF

“(Women’s issues) use to be not regarded as macro critical, now they are. We have actually decided not just to analyze and talk about it, but to walk the talk.” Christine Lagarde, Managing Director, IMF

“Eight men now own as much wealth as the poorest 3.6 billion people. Behind that headline is a story of an economy that does not work for most people, does not work for women.” Winnie Byanyima, International Executive Director, Oxfam

“You waste a country’s resources by not facilitating for women.” Siv Jensen, Minister of Finance of Norway

“Women entrepreneurs in a community strengthen that community. When communities get stronger, our business gets stronger.” Muhtar Kent, CEO, Coca Cola

“Because you believe that woman is an asset, you must invest in her to get the return.” Amina J. Mohammed, Deputy Secretary General, United Nations