Utilizing Female Workforce Could Increase Global GDP by $20 Trillion Over 30 Years

[Image source= EPA Yonhap News]

[Asia Economy Reporter Byunghee Park] A research report has revealed that if women have the same level of education and job opportunities as men, the global economy could grow by an additional $20 trillion (approximately 22,819 trillion KRW) by 2050.

Bloomberg reported on the 9th (local time) that three of its economists analyzed the economies of 36 advanced and emerging countries and reached this conclusion.

According to the study, 92.1% of men aged 25 to 64 are employed, whereas the employment rate for women was only 58.4%. The report's authors argued that increasing the female employment rate to reduce the gap with men could ignite global economic growth over the next 30 years.

It was also confirmed that during the last U.S. recession, women played a significant role in helping the economy recover. However, in the current recession caused by COVID-19, women have not played as large a role as before. This is because the service industry, which has a high proportion of female workers, has contracted, and more women have quit their jobs to care for children who are not attending school.

Among the 36 countries surveyed, India had the lowest female employment rate, at only 16.6%. The report predicted that if the gap with men is reduced, India’s Gross Domestic Product (GDP) could grow by more than 30% by 2050.

Adriana Dupita, the economist who authored the report, said, "In many countries, there are deeply rooted barriers that limit women's education and job opportunities," adding, "Governments need to redesign their economies to accommodate a larger workforce."

This content was produced with the assistance of AI translation services.