Tips

• 05 Mar, 2023
• 5 comments

“Closing the gender gap in labor force participation and the gender gap in management in OECD countries can raise global economic activity by approximately 7%, or about $7 trillion in today’s dollars,” Moody’s Analytics wrote in the report.

World Bank said gender biases and inequalities that have placed women in low-wage occupations contribute to the gender wage gap.

Narrowing the difference in wages between men and women in the labor force can boost the world’s economy by about 7% — or $7 trillion, according to a Moody’s Analytics report.

At this rate, it may take 132 years for the world to close the economic gender gap, Moody’s said.

The economic boost will come as more women join the labor force and there’s an increase in productivity. A greater share of women holding more productive managerial and professional roles will also help, the report said.

“Closing the gender gap in labour force participation and the gender gap in management in OECD countries can raise global economic activity by approximately 7%, or about $7 trillion in today’s dollars,” directors Dawn Holland and Katrina Ell wrote in the report.

The report said narrowing the pay gap in emerging markets, such as India, would raise that potential even further.

......