Press Release | 02 Nov. 2017

Gender disparity: World economy can reach $28 tn if gap closes, says Kristalina Georgieva

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Georgieva added that attaining gender equality means, among other things, ensuring girls are in school and economic empowerment which gives women the choice on what to do and what not to do.

Stating that the world economy has the potential to increase by anywhere between 12 trillion to 28 trillion dollars if it is able to close the gender gap, World Bank chief executive officer Kristalina Georgieva said that no country can achieve its full potential unless girls and women have the same rights as boys and men. Addressing the World Assembly for Women in Tokyo, Georgieva said that estimates on what the full participation of women would mean to the whole world is “mind-boggling”. She said, “The estimates range between 12 trillion and 28 trillion dollar bigger world economy if we women were all to give our best.” She added, “If we leave this issue to its own device, it will take a hundred years to achieve equality. Gender equality is paramount for success in development efforts. Unless girls and women have the same rights as boys and men, no country can attain its full potential.” She gave the instance of how the case for gender equality is more than obvious in Japan where data shows that bringing full participation of women in the economy means 9 percent larger GDP. To close the gap, the Shinzo Abe government has now introduced a slew of women-oriented work reforms such as longer childcare leave for both parents and flexible working hours...read more