Countries with greater gender inequality can increase their economic output by 35 per cent on average by closing the gap in women's participation in the labour force, Pakistan Furniture Council (PFC) Chief Executive Officer Mian Kashif Ashfaq said on Sunday.
Talking to a delegation of women entrepreneurs, he said, "We have to narrow the gender gap, which is harming the national as well global growth."
He said keeping women out of economic opportunities is unfair and also hampers growth and resilience for all."Over time, gender-sensitive macroeconomic and financial policies will result in higher growth, greater economic stability and resilience, and lower income inequality -- a dividend not just for women but for everyone," he added.
He said that out of 190 countries surveyed, the World Bank had found that women had equal legal standing with men in just 12 states, which spoke of the sorry state of affairs worldwide.
Mian Kashif mentioned that according to the Organisation for Economic Cooperation and Development, the gender-based discrimination in social institutions costs the world economy $6 trillion but in recent years countries have reduced these costs through social and legal actions such as curbing underage marriages, criminalizing domestic violence and increasing the number of female elected officials.
Published in The Express Tribune, February 5th, 2024.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ