Improving Gender Equality Improves Economic and Social Conditions for Everyone

           [1]In the gender literature, we often come across two concepts: ‘gender equality' and ‘gender equity'. They are sometimes used interchangeably, but they do not quite refer to the same thing. Gender equality requires equal enjoyment by women and men of socially valued goods, opportunities, resources and rewards. And gender equity is the process of being fair to women and men. When you improve women’s equality, it improves economic and social conditions for everyone.

            [2]Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well. GDP includes all private and public consumption, government outlays, investments and exports minus imports that occur within a defined territory. Put simply, GDP is a broad measurement of a nation’s overall economic activity. Women is a very important figure in our society. Women are the key to success. According to McKinsey & Company, “United States could add up to $4.3 trillion in annual GDP in 2025 if women attain full gender equality. In a new report, The power of parity: Advancing women’s equality in the United States, the McKinsey Global Institute (MGI) finds that every US state and city can add at least 5 percent of their GDP in that period by advancing the economic potential of women. Half of US states have the potential to add more than 10 percent, and the country’s 50 largest cities can increase GDP by 6 to 13 percent.

            While the barriers hindering women from fully participating in the labor market make it unlikely that they will attain full gender equality within a decade, the report finds that in a best-in-class scenery, in which each US state matches the state with the fastest rate of improvement toward gender parity in work over the past decade, some $2.1 trillion of incremental GDP could be added in 2025. That is 10 percent higher than in a business as usual scenario. As the World Economic Forum, points out, “the most important determinant of a country’s competitiveness is its human talent, the skills, education, and productivity of its workforce”. The Forum also points to the “numerous studies during the last decade that have confirmed that reducing gender inequality enhances productivity and economic growth.” When countries achieve gender equality they maximize their competitiveness and economic potential.

            [3]Even in countries like Canada, where women enjoy the same health and education levels as men, their economic participation is “far from optimal.” They point to policy barriers, such as the persistent lack of affordable childcare, and the need for practices and policies that “provide equal opportunities for rising to positions of leadership within companies.” [4]A record 40% of US households with children under 18 have mothers who are the sole or primary source of income for the family. Of these, 37% are married women earning more than their partners, and 63% are single mothers.

          Empowering women mean making the most of all their talent. Women have proof that they are more structure of their life. When they fall, they rise. Women should be respected by society. [5] Improving gender equality creates immediate benefits, “Families are healthier, they are better fed, and their income, savings and reinvestment go up. And what is true of families is true of communities and, eventually, the world.” When women and girls live free from violence, poverty, and rigid stereotypes that limit their potential, our neighborhoods are safer, our economy is stronger, and our pool of future leaders is more diverse. Helping women and girls moves us all forward.

 

[1] (SOCI 1101 Understanding Society, 2016)

[2] (Investopedia.com, 2003)

[3] (Canadianwomen.org, n.d.)

[4] (OpenMind, 2016)

[5] (McKinsey & Company, 2016)

 

Reference

Canadianwomen.org. (n.d) “Improving gender equality improves economic and social conditions for everyone”. Retrieved 27 September 2016, from http://canadianwomen.org/improve-equality

McKinsey & Company (2016). “The power of parity: Advancing women's equality in the United States”. Retrieved 27 September 2016, from http://www.mckinsey.com/global-themes/employment-and-growth/the-power-of-parity-advancing-womens-equality-in-the-united-states

SOCI 1101 Understanding Society (2016).  Unit 4, 4.3.2 “Difference between Gender Equality and Gender Equity”. Vcampus.uom.ac.mu. from http://vcampus.uom.ac.mu/soci1101/432_difference_between_gender_equality_and_gender_equity.html

OpenMind. (2016). “10 Facts about Female Leadership in 2016”. Retrieved 27 September 2016, from https://www.bbvaopenmind.com/en/10-figures-you-need-to-know-about-female-leadesrship/

Investopedia. (2003). “Gross Domestic Product – GDP”. Retrieved 27 September 2016, from http://www.investopedia.com/terms/g/gdp.asp

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