THE $28-TRILLION LEVER FOR GLOBAL GDP

G20 Empower 2023's priority of women-led development and gender-smart investments can help women build a sustainable and resilient world

- Sangita Reddy

GLOBAL INEQUALITY AFFECTS us all. Did you know that every person in the world could earn $23,620 more during their lifetime? Research by World Bank suggests so. In our collective pursuit of a more equitable, sustainable and happier world, we often come across complex challenges that require multiple solutions. One such challenge is the need for capital to drive initiatives that can bring about positive change. However, by enhancing women’s participation in the workforce, ensuring pay parity, and recognising the value of the care economy, we can unlock a staggering $28 trillion in global GDP.

The Economic Power of Women The three main pillars of sustainable development—economic, social and environmental—are dependent on gender equality. Research suggests that gender disparities are imposing substantial economic costs and intensifying social imbalances and ecological deterioration globally. Accounting for half of the global population, women possess immense potential as contributors to economic growth. But their underutilisation leads to a massive loss for the global economy. There is a need to invest in education, health and economic development of women as this can have a multiplier effect on the economy.

On the positive side, female presence in the workplace is growing and not just at the junior levels. From 2017 to 2022, there has been a consistent worldwide rise in the proportion of women occupying senior and leadership positions. In 2022, the global gender parity index attained its highest level yet at 42.7 per cent, per World Economic Forum. It adds that India, with a female population of around 662 million, has shown the most positive change to its performance on economic participation and opportunity, a testament to the effective leadership and vision of the government.