Recent News Articles Note Women Are A Crucial Part
Recent News Articles Have Noted That Women Are A Crucial Part Of Soci
Recent news articles have noted that women are "a crucial part of society and they are an untapped resource." From your point of view, what impact will more women participation in the world economy have on the global GDP? Explain with a minimum of 150 words. You must post your own response before you will be able to see other students' posts. Provide at least one thoughtful response to a fellow student's post.
Paper For Above instruction
The increasing participation of women in the global economy has profound implications for worldwide economic growth, specifically impacting global Gross Domestic Product (GDP). Empirical research indicates that empowering women through access to education, employment opportunities, and entrepreneurship can significantly boost economic productivity and growth rates (World Bank, 2020). According to McKinsey & Company (2015), advancing gender equality could add up to $28 trillion, or 26%, to the global annual GDP by 2025.
Greater participation of women diversifies the workforce, fosters innovation, and enhances productivity due to the varied perspectives and skills women bring to the table (Catalyst, 2018). Studies have shown that companies with higher gender diversity outperform their less diverse counterparts financially (Hunt et al., 2018). Moreover, when women participate actively in the economy, household incomes increase, leading to improved access to healthcare and education for children, which fuels further economic development in the long term.
However, despite this potential, barriers such as cultural norms, gender biases, and limited access to resources hinder women's full economic participation in many parts of the world (World Economic Forum, 2021). Addressing these barriers through policy reforms, education, and social programs will unlock enormous economic potential. Increased women participation results not only in equitable development but also propels national economies forward, translating into higher global GDP.
In conclusion, expanding women's involvement in the economy is essential for sustainable economic growth. The positive impacts encompass increased productivity, innovation, and household welfare, ultimately contributing higher global GDP. Harnessing this untapped resource requires concerted efforts to eliminate barriers and promote gender equality at all levels of economic engagement (UN Women, 2019).
References
- Catalyst. (2018). Why Diversity and Inclusion Matter: Financial Performance and Business Success. https://www.catalyst.org/research/why-diversity-and-inclusion-matter/
- Hunt, V., Layton, D., & Prince, S. (2018). Delivering through Diversity. McKinsey & Company. https://www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity
- McKinsey & Company. (2015). The Power of Parity: Advancing Women’s Equality in the United States. https://www.mckinsey.com/~/media/McKinsey/Featured%20Insights/Leadership/The%20power%20of%20parity%20Advancing%20womens%20equality%20in%20the%20United%20States/MGI-The-power-of-parity-Executive-summary.ashx
- UN Women. (2019). The Women’s Economic Empowerment Act. https://www.unwomen.org/en/what-we-do/economic-empowerment
- World Bank. (2020). Gender Gaps and Economic Growth. https://www.worldbank.org/en/topic/gender
- World Economic Forum. (2021). Global Gender Gap Report 2021. https://www.weforum.org/reports/global-gender-gap-report-2021