Girl power: boosting GDP
The participation of women in the economy results in better outcomes socially
According to the International Monetary Fund, Pakistan’s gross domestic product (GDP) could receive a 30 per cent boost if the gender gap were minded. A report titled, Pursuing Women’s Economic Empowerment, elucidates that financial inclusion of women in society results in better GDP outcomes through increased labour force size and enhanced productivity. We have known for a long while now that women’s participation in the economy is correlated with a higher GDP but a bolstering by 30 per cent is enormous and should not be taken lightly by the finance ministry and the incoming government. With the rupee consistently depreciating in value over the last two decades, reaching an all-time low against the US dollar this week, coupled with frequent reports of funding borrowed from other countries, we cannot afford poorly-informed choices. One such choice would be to ignore the empirical evidence. Including women in the labour force logically needs to be preceded by providing basic education to more women. Ergo, access to schools needs to be facilitated by the provincial education departments. Although private entities have begun some solid initiatives such as financially supporting children to attend schools, opening free schools nationwide in remote and underserved areas, and establishing footpath schools, government departments concerned need to pay heed through effective policy change. As the report highlights, there are unfair rules that skew benefits towards males in our society, from inheritance rights to workplace regulations.
Aside from a higher GDP, the participation of women in the economy results in better outcomes socially, as well. More meaningful impact is made on their children which has long-term repercussions for success in their adult lives. There is wisdom to be extracted from the fact that even developed economies have the potential to enhance their GDPs by four per cent through greater women empowerment. We are a developing country and having only recently been able to show for some of the development, reports such as these should be taken into heavy consideration to inform policymaking.
Published in The Express Tribune, June 4th, 2018.
Aside from a higher GDP, the participation of women in the economy results in better outcomes socially, as well. More meaningful impact is made on their children which has long-term repercussions for success in their adult lives. There is wisdom to be extracted from the fact that even developed economies have the potential to enhance their GDPs by four per cent through greater women empowerment. We are a developing country and having only recently been able to show for some of the development, reports such as these should be taken into heavy consideration to inform policymaking.
Published in The Express Tribune, June 4th, 2018.