Without gender inequality, the world could have at least 20% higher GDP, says World Bank

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Report shows the impact of ending discriminatory laws and practices in the labor market. Reducing gender inequality could increase the world’s GDP by more than 20%. Reproduction/ GloboNews The global Gross Domestic Product (GDP) could increase by more than 20% with public policies that remove the difficulties imposed on women in the job market. The finding is from the World Bank’s 10th annual report on Women, Business and Law. The study shows that, with practices that improve working conditions and business openings for women, the unlocked growth potential could double the global growth rate in the next decade. “Women have the power to supercharge the ailing global economy,” says World Bank chief economist Indermit Gill, noting that reforms to prevent discrimination have slowed. The text states that the obstacles women face in entering the global workforce include not only barriers to starting businesses, but also persistent pay gaps and prohibitions on working at night or in jobs considered “dangerous”. Research involving 190 countries shows that no nation, not even the richest, offers true equality of opportunities for both genders. When legal differences involving violence and child care are taken into account, women enjoy only two-thirds (64%) of the legal rights that men have. Women have 2/3 of the legal protections of men. Gabriel Andrade/ GloboNews On average, women also spend 2.4 hours more per day in unpaid care work than men, largely caring for children. In this edition of the survey, the report assessed for the first time how countries implement existing laws to protect women, and the result was a wide gap between policy and practice. According to the research, 98 economies have enacted legislation that determines equal pay for women for the same work. However, only 35 economies – less than one in five – have adopted pay transparency measures or enforcement mechanisms to eliminate pay gaps. “It is more urgent than ever to accelerate efforts to reform laws and enact public policies that empower women to work and start and grow businesses,” said Tea Trumbic, lead author of the report. She reinforces that gender disparity hinders global development. “Today, only half of women participate in the global workforce, compared to nearly three in four men. This is not just unfair – it is wasteful. Increasing women’s economic participation is key to amplifying their voices and shaping decisions that directly affect them. Countries simply cannot afford to marginalize half of their population,” says Trumbic. G1 in 1 minute: Women earn 21% less than men and Plane that disappeared for 10 years Pay inequality and retirement In the salary area, women earn just 77 cents for every dollar paid to men. The rights gap extends to pensions. In 62 economies, the ages at which men and women can retire are not the same. Women tend to live longer than men, but because they receive lower wages while they work, take vacations when they have children and retire earlier, they end up receiving lower wages and face greater financial insecurity in old age. Gender-based violence The document concluded that women have only a third of the necessary legal protections against domestic violence, sexual harassment, child marriage and femicide in the 190 countries studied. Sexual harassment is prohibited in the workplace in 151 countries, but only 40 have laws prohibiting it in public places. “How can we expect women to thrive at work when it is dangerous for them to simply travel to work?” said Indermit Gill of the World Bank. The report includes specific recommendations for governments, including improving laws relating to safety, child care and business opportunities; enact reforms that eliminate restrictions on women’s work; expand maternity and paternity leave provisions; and establish binding quotas for women on the boards of directors of publicly traded companies.

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