Yellen says more work needed to shore up weaknesses revealed by pandemic By Reuters – Investing.com

Yellen says more work needed to shore up weaknesses revealed by pandemic By Reuters – Investing.com

© Reuters. FILE PHOTO: U.S. Treasury Secretary Yellen attends economic briefing at the White House in Washington







By Andrea Shalal and David Lawder WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said a rapid U.S. economic recovery would boost overall global growth, but more work was needed to shore up weaknesses the global COVID-19 crisis exposed in the non-bank financial sector, supply chains and social safety nets. Yellen on Tuesday told leaders of the IMF and the World Bank that the Biden Administration had decided to "go big" with its COVID-19 response to avert the negative "scarring" impact of long-lasting unemployment, adding that she hoped the U.S. economy would return to full employment next year. Speaking during the International Monetary Fund and World Bank spring meetings, the former Federal Reserve chair said the crisis had dealt a huge blow worldwide, and it was the responsibility of advanced economies to ensure that years of progress in reducing poverty were not reversed by