Narrowing the Gender Gap to Boost Economic Growth
Narrowing the gap between the number of working men and women can boost emerging and developing economies’ gross domestic product by about 8 per cent over the next few years, according to the International Monetary Fund.
The Importance of Female Labour Force Participation
Raising the rate of female labour force participation by 5.9 percentage points in these countries will help drive inclusive growth amid the world’s weakest medium-term economic growth outlook in more than three decades, the IMF said on Wednesday.
The Impact of Gender Gaps on Global Growth
Global growth is expected to languish at just 3 per cent over the next five years but closing the gender gap in labour force participation can help countries gain “substantial” returns.
The Current Gender Gap
Only 47 per cent of women are active in today’s labour markets, compared with 72 per cent of men, according to the Washington-based lender.
The Need for Action
The average global gap has fallen by only 1 percentage point annually over the past three decades and “remains unacceptably wide”.
“With traditional growth engines sputtering, many economies are missing out by not tapping women’s potential,” the fund said.
“To blame are unfair laws, unequal access to services, discriminatory attitudes and other barriers that prevent women from realizing their full economic potential. The result is a shocking waste of talent, leading to losses in potential growth.”
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The Economic Case for Gender Equality
Gender gaps continue to persist in education, health, work, wages, and labour participation across developed and developing countries.
This is despite numerous studies that have highlighted the economic case, in addition to the basic human rights argument, for gender equality.
A report by the World Economic Forum in June showed that women will not achieve equality with men globally for another 131 years, with only tepid progress made in closing stubbornly large gender gaps, prompting the urgent need for action.
For the 146 countries covered in the 2023 index, the economic participation and opportunity gap has closed by 60.1 per cent, according to the WEF report.
Research reports consistently underscore the economic benefits of gender equality.
Reducing the <
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 5: Gender Equality
- SDG 8: Decent Work and Economic Growth
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 5.5: Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic, and public life.
- SDG 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator for SDG 5.5: Percentage increase in female labor force participation rate.
- Indicator for SDG 8.5: Gender wage gap and employment gap between men and women.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 5: Gender Equality | Target 5.5: Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic, and public life. | Indicator: Percentage increase in female labor force participation rate. |
| SDG 8: Decent Work and Economic Growth | Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value. | Indicator: Gender wage gap and employment gap between men and women. |
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Source: thenationalnews.com
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