Closing Gender Gap Could Double Global GDP Growth, Says World Bank Report

A World Bank report has highlighted that closing the gender gap could increase global GDP growth over the next decade, boosting the world's growth rate by over 20%. Despite ongoing disparities in various areas such as education, health, work, wages, and labour participation, the report suggests that fast-tracking gender equality through reforms and policy changes could lead to significant economic benefits.

The report, titled "Women, Business, and the Law," indicates that women currently enjoy only two-thirds of the rights of men, with inequalities persisting globally. Areas such as legal protection from violence, access to childcare, and workplace opportunities were analysed to conclude that women, on average, have only 64% of the legal protections afforded to men. This is a decline from the previous estimate of 77%.

The global gender gap in the workplace is broader than previously estimated, and no country, including the wealthiest economies, provides equal opportunities for women, according to the report. It revealed that women have less than two-thirds of the legal rights of men, particularly in terms of protection from violence and childcare access.

Specifically, the report highlighted that women have only a third of the necessary legal protection against issues such as domestic violence, sexual harassment, early marriage, and femicide. While 151 countries have laws prohibiting sexual harassment at work, only 39 countries extend these laws to public spaces.

Regarding equal pay, the study found that 98 countries have enacted legislation mandating equal pay for women, but only 35 economies have transparent payment schemes for women. Discriminatory laws and practices worldwide were identified as barriers preventing women from working or starting businesses on an equal footing with men.

The report emphasises the importance of reforming laws and enacting public policies to empower women to work and initiate and grow businesses. The World Bank argues that such efforts could accelerate the transition to a gender-equal world and contribute significantly to global economic growth.

Indermit Gill, the World Bank's chief economist, stated, "Women have the power to turbocharge the sputtering global economy," underscoring the economic potential for achieving gender equality. The report encourages governments to expedite progress towards gender equality in workplaces and regulatory frameworks, stressing that reforms have slowed down.