New York: Global economic growth could get an increase of US $ 20 trillion if women are educated at the same levels as men and hold the same number of jobs, according to a new study.
Policy changes that lead to more women entering the workforce, such as those that promote female access to secondary education, childcare, and flexible work arrangements, have the potential to “light a fire” in light of global growth over the next three decades, according to Analysis published this week by economists in Bloomberg, Adriana Dubita, Abhishek Gupta, and Tom Orlik.
The report examines 36 developed and emerging economies.
The study is the latest evidence that bridging gender gaps in the job market is critical to the economy as it recovers from the pandemic – and beyond.
The study found that 58.4% of women between the ages of 25 to 64 work globally, compared to 92.1% of men.
In the United States, while women helped propel the world’s largest economy out of the recent recession, this time they are falling behind – something that economists have called the nation’s first female recession.
A significant increase in the number of women in the United States has left the workforce in the past year amid setbacks to the service and childcare sector whose schools or day care were closed during the pandemic.
According to the Census Bureau, about 1.4 million mothers remained out of the workforce in January.
Meanwhile, the February jobs report showed that participation among women of adulthood improved slightly, although still worse than pre-pandemic levels.
India recorded the lowest female participation rate among the countries analyzed in the report, at 16.6%.
Closing the gap between men and women could add more than 30% to the country’s GDP by 2050.
“Just as importantly, countries need to think and redesign their economies to ensure that the economy will be able to welcome the additional workforce with productive jobs,” said Bloomberg economist Dupita.
“In many countries, there are deep-rooted barriers to women’s education and employment.”