World Bank statement on gender inequality: 'It would increase GDP by more than 20 percent'

The World Bank has published its "Women, Business and the Law 2024" report, which evaluates the progress made in gender equality across 190 economies. According to the report, gender inequality against women in the business world is much greater than previously thought globally.

WOMEN HAVE FEWER RIGHTS THAN MEN

The report notes that while economies have made significant progress in recent years in enacting laws for equal opportunity for women, women today still have less than two-thirds of the legal rights that men have. The report recalled that this ratio was previously estimated at three-quarters.

EVEN THE RICHEST ECONOMIES!

The World Bank report noted that deficiencies in safety and childcare prevent women from participating in the global workforce. It pointed out that no country, including the richest economies, offers equal opportunities to women.

Emphasizing that women have the power to accelerate the global economy but are kept on the sidelines due to a lack of laws and implementation, the report mentioned that increasing women's participation in the global workforce could significantly improve the outlook during a period of consistently slowing growth.

The report stated that eliminating gender inequality in employment and entrepreneurship could increase global GDP by more than 20 percent. It was also noted that eliminating gender inequality over the next 10 years would essentially double the current global growth rate.

The report stated that only 44 percent of the legal provisions supporting women's entrepreneurship are in effect worldwide, and that only one in five corporate board positions is held by a woman.

Women earn only 77 cents for every 1 dollar paid to men

The report stated that only 1 in 5 economies mandates gender-sensitive criteria in public procurement processes, which means women are largely deprived of economic opportunities amounting to approximately 10 trillion dollars per year.

Regarding wages, the report noted that women earn only 77 cents for every 1 dollar paid to men, and that provisions mandating equal pay for work of equal value are lacking in a total of 92 economies.

WOMEN RETIRE EARLIER

Pointing out that the age at which women and men can retire is not the same in 62 economies, the report stated that women retire earlier than men. The report also noted that in 81 economies, women's pensions do not account for periods of absence from work related to childcare.

Furthermore, the World Bank report recommended accelerating efforts to reform laws and implement public policies that allow women to work and start businesses, and improving laws related to women's safety, access to childcare, and job opportunities.

News Source: 12punto