Women’s Role in World Economy Adds Up
(3BL Media/Justmeans) - With a staggering one billion women around the world set to enter the global economy in the coming decade, women in the workforce play a pivotal role in spurring economic growth. The impact of women on the global economy as producers, entrepreneurs, employees and consumers will be at least as significant as that of China's or India's one-billion-plus populations, if not greater. If women's economic potential can be successfully harnessed and leveraged, it would be the equivalent of having an additional one billion individuals in business and in the workforce contributing to the global economy.
Ernst & Young has been involved in the Third Billion Global Campaign which unites governments, NGOs, corporations, youth and others to partner toward ensuring women's access to legal protection, education and training, finance and markets. While, Booz & Company published new data outlining compelling evidence that women can be powerful drivers of economic growth. Their estimates show that if female employment rates were to match male rates, overall GDP would grow significantly in the U.S. by 5 per cent, in Japan by 9 per cent and in developing countries like Egypt by a massive 34 per cent.
The World Economic Forum also published their annual Global Gender Gap report in 2012 and the data suggests a strong association between those countries that are most successful at closing the gender gap and those that are the most economically competitive. The index tracks the strong correlation between a country’s gender gap and its national competitiveness, as women account for one-half of a country’s potential talent base, a nation’s competitiveness in the long term depends significantly on whether and how it educates and utilises its women.
Now Merck, known as MSD outside the U.S. and Canada, has recently announced that it has been named as one of the Working Mother 100 Best Companies for 2013. Honoured on the list for the 26th year, Merck is among the 100 companies recognised for their commitment to progressive workplace programs, including female representation, compensation, child care, flexibility, time off and leave, along with family-friendly schemes and company culture. Those chosen also demonstrated their commitment to supporting working mothers to be healthy. This award acknowledges Merck’s commitment to fostering an environment where all employees, including working parents and those who provide care for others, can effectively integrate work and life, take care of themselves and their families and reach their professional goals.
All countries have unique requirements and must combine specific input policies to create a solution that can best address women’s needs. In all areas of women’s economic empowerment, there is a need for detailed, updated data so interested parties like Merck can better understand the issues that women face and more effectively frame solutions.
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