Women are more disadvantaged than men in business life. A published analysis of the gender pay gap highlighted the importance of women’s participation in the workforce. If gender equality can be achieved, global economic activity could increase by $7 trillion.
Increasing gender equality could contribute trillions of dollars to the world economy. International credit rating agency Moody’s has published an analysis of the gender wage gap.
Moody’s reported that underutilization of women’s skills in the workforce causes economic losses at the macroeconomic level. In the analysis, it was evaluated that global economic activity could increase by 7 trillion dollars if this gap is closed.
EQUALITY TARGET 132 YEARS AWAY Gender equality is at the center of the Sustainable Development Goals, which the United Nations member states have agreed to reach by 2030. The organization noted that increased equality in management positions could lead to high economic prosperity globally. It was emphasized that welfare could increase especially in developing countries. Saying that “changing social norms is a long and complex process”, the credit rating agency stated that some fringe benefits should be provided first.
Among these rights are flexible working conditions, affordable childcare services, and paid maternity leave.