Women’s Impact on the Economy: Expected to increase in 2018
For a long time, women remained to be underrepresented in almost all fields in the society — politics, science, technology, economy, and business. However, with the fast changing global landscape, the status of women is slowly approaching equality with men. As the new year 2018 unfolds, here are the things that experts say about the stock market and its relationship to the growing recognition of the ability of women to strengthen the workforce and improve the economy. Let’s take a closer look.
Women’s contribution to the economy and workforce
Theoretically speaking, just a single day without women would bring drastic changes to the world. In the U.S. alone, nearly half of the workforce would vanish as women compose almost half of all the workers in the country.
- In general, women account for about two-thirds of the minimum-wage earners in the U.S. Therefore, if women were to be removed from the picture, there could be a possible shortage of people who would be willing to work for such earnings.
- According to a World Development Report, there have been numerous evidences from different countries that showcase the growing share of household income controlled by women (e.g. own salaries/earnings, cash transfers).
- Aside from that, the growing number of women having access to higher education is a good contributor to better economic growth. Research show that over the past 50 years, higher educational achievements of women account for more than 50% of the overall economic growth of countries that are members of the Organization for Economic Co-operation and Development (OECD).
Women empowerment and economic growth
Interestingly, economic analysts believe that this growing status of women in the society is not driven by women’s desire to rule the world but rather an economic imperative.
- As a matter of fact, last March 8, an event called “A Day Without A Woman” was created to showcase the power and significance of women when it comes to contributing to the economy. Aside from that, this event calls attention to the discrimination and prejudice women experience whether or not they are part of the workforce.
- Known to be a leader in promoting gender equality, Canadian Prime Minister Justin Trudeau said in a local interview that women empowerment is one major force that drives economic growth. Trudeau even added that he is currently working on a foreign policy in a feministic method because it is not only the correct thing but can also be an essential economic approach as well.
- In 2018, analysts think that women will become more widely represented in various positions in multiple companies and in the society in general. When this happens, global income and profit will increase proportionally and best-in-class practices could add up to 10% or more than $12 trillion to global GDP
While these predictions may appear to be too “feministic” for some, analysts reassure the public that these statements only mean the recognition that men and women are equal and that both can work to improve the economy.