Closing Gender Gap Could Lift Global GDP By Over 20%: World Bank
The World Bank reveals that eliminating gender disparities could boost global GDP by over 20%.
Its latest report indicates women only have 64% of men's legal rights, contradicting the previously thought 77%. Equal legal protection is lacking worldwide, even in the richest nations.
The report, in its 10th year, suggests abolishing laws that hinder women's ability to work or run businesses could double global growth in a decade.
Two new factors, safety and childcare, were considered, exposing significant shortfalls alongside issues in pay, marriage, parenthood, workplace, mobility, assets, entrepreneurship, and pensions.
For the first time, the study scrutinized how 190 countries enforce laws protecting women and found a staggering disconnect.
World Bank's lead economist, Indermit Gill, stressed the urgency of reinvigorating reforms against discrimination, highlighting the economic benefits of empowering women.
Key findings include significant restrictions on women's entrepreneurship, wage inequality, and prohibitions on nighttime work. Legal safeguards against domestic violence, sexual harassment, child marriage, and femicide are insufficient, covering less than a third of the requirements.
Although there are workplace protections against sexual harassment in 151 countries, only 40 extend these to public spaces. Gill emphasized the risk to women's safety during commuting.
The gender disparity in unpaid care work is also substantial, with women dedicating more time than men, while only 78 countries have quality childcare regulations.
Officially, women's rights are about two-thirds of men's, but practical enforcement is weak. For instance, despite equal pay laws in 98 economies, mere 35 have actual measures to tackle the wage gap, where women earn 77 cents to a man's dollar.
Recommendations for governments include legal improvements around safety, childcare, and business, lifting work restrictions for women, enhancing parental leave, and mandating corporate board quotas for women.
The report also notes the issue of women's earlier retirement ages, which, combined with lower wages and career breaks for child-rearing, leads to smaller pensions and financial insecurity in later life.
According to Tea Trumbic, the report's primary author, women's workforce participation lags at just over 50% versus 75% for men, a situation that's both inequitable and economically inefficient. Countries cannot afford to underutilize half their potential workforce.
The report, in its 10th year, suggests abolishing laws that hinder women's ability to work or run businesses could double global growth in a decade.
Two new factors, safety and childcare, were considered, exposing significant shortfalls alongside issues in pay, marriage, parenthood, workplace, mobility, assets, entrepreneurship, and pensions.
For the first time, the study scrutinized how 190 countries enforce laws protecting women and found a staggering disconnect.
World Bank's lead economist, Indermit Gill, stressed the urgency of reinvigorating reforms against discrimination, highlighting the economic benefits of empowering women.
Key findings include significant restrictions on women's entrepreneurship, wage inequality, and prohibitions on nighttime work. Legal safeguards against domestic violence, sexual harassment, child marriage, and femicide are insufficient, covering less than a third of the requirements.
Although there are workplace protections against sexual harassment in 151 countries, only 40 extend these to public spaces. Gill emphasized the risk to women's safety during commuting.
The gender disparity in unpaid care work is also substantial, with women dedicating more time than men, while only 78 countries have quality childcare regulations.
Officially, women's rights are about two-thirds of men's, but practical enforcement is weak. For instance, despite equal pay laws in 98 economies, mere 35 have actual measures to tackle the wage gap, where women earn 77 cents to a man's dollar.
Recommendations for governments include legal improvements around safety, childcare, and business, lifting work restrictions for women, enhancing parental leave, and mandating corporate board quotas for women.
The report also notes the issue of women's earlier retirement ages, which, combined with lower wages and career breaks for child-rearing, leads to smaller pensions and financial insecurity in later life.
According to Tea Trumbic, the report's primary author, women's workforce participation lags at just over 50% versus 75% for men, a situation that's both inequitable and economically inefficient. Countries cannot afford to underutilize half their potential workforce.
