At the World Bank Group and International Monetary Fund spring meetings last week in Washington, a central theme was how to accelerate sustainable, inclusive economic growth. But as world leaders seek to reignite the global economy, a large part of the formula for growth and stability is undervalued: the economic empowerment of women.
Only 55 per cent of women participate in the paid labour force globally and they continue to be an untapped source of growth. This is an invaluable asset with proven returns, but we have not invested the resources to unleash women’s full potential. The evidence is overwhelming that supporting women’s economic participation has enormous dividends for families, communities, and whole economies.
Research by the World Bank Group, the IMF, the OECD, and private sector studies concludes that we can add billions to the global economy by creating an enabling environment, increasing women’s labour force participation and business ownership, and improving the productivity of their work. These actions also grow national economies and make countries more competitive. Closing gender gaps makes sense at the macroeconomic level and also at the company level. Research shows a correlation between the number of women on boards and higher corporate profits.