Economic growth of every country can rise if women employment and wages is equal to that of men
Washington-16 Nov,2016. Rednewswire/-
According to the Managing Director of the International Monetary Fund (IMF), Christine Lagarde, India’s national income can rise by 27 percent if women participation in the workforce is equal to men.
Equal wages and improved economic opportunities will boast the economic growth along with reduction in economic inequality. Not only India, women participation can boast the income of any country. It can result in a rise in national income of US by 5 percent and of Japan by 9 percent, said Lagarde at an event “Women’s Empowerment: An Economic Game Changer” held in Los Angeles.
Even today women all over the world are facing disadvantage and are less likely to find paid jobs as compared to men. It was brought to notice that only 50% of the world’s working-age females are working. Women are more likely to find jobs in the informal sector, even if they work in formal sector they are paid three-quarters as compared to men irrespective of being equally educated and working on the same position, added Lagarde.
Noting that government has a key role to pay in providing incentives to working women, they should provide women with parental leaves, affordable childcare and flexibility in the workplace. Legal barriers must be removed with better financial access for women.
The G20 group that accounts for 85% of the world’s GDP and 2/3rd of its population, including India and US have pledged to reduce gender gap in labour force by 25 percent by the year 2025 that will ultimately result in creation of 100 million jobs. This will also help in reduction of poverty and gender inequality, noted Lagarde.
“To put it differently: if you discourage half the population from fully participating in the labour market, you are essentially behaving like an airline pilot who shuts down half his engines in mid-flight. Sure, your plane will likely continue to fly, but it would be such a crazy thing to do,” said Lagarde.
The article was originally published here