Achieving Gender Equality Could Boost Global GDP By USD 21 Trillion, Experts Say

Achieving gender equality could enhance global GDP by $21 trillion, as empowering women is beneficial for business. Women make up half of the population and consumer base, making their involvement crucial for addressing half of the world's markets. This was discussed at the Global Women’s Forum in Dubai (GWFD), highlighting the economic potential of gender parity.

Dr. Yasar Jarrar, Secretary General of the CSO Network, emphasised the need for collective efforts to speed up gender equality during a GWFD session titled ‘Women in Sustainability: Leadership for Emerging Economies’. He stated that at the current pace, it would take 105 years to achieve equality. He pointed out disparities in policies and infrastructure between emerging and developed regions, stressing immediate action.

Dr. Jarrar noted that diverse boards perform 20% better than non-diverse ones. He reiterated that women are essential contributors to half of the market due to their significant presence as both population and consumers. The CSO Network aims to establish a global network for women in emerging markets to facilitate connections and expedite progress.

Samar Al Hameedi, Vice President of ADNOC's Climate Change Division, proposed creating a global network for women in emerging markets to offer support and mentorship. She said, "Showcase more successful women leaders in sustainability to serve as role models. Ensure that workplaces and infrastructure are prepared to receive and support women, especially in traditionally male-dominated industries."

Al Hameedi highlighted the importance of Chief Sustainability Officers and collaboration on issues like talent and Sustainable Development Goals (SDGs). She explained ADNOC’s initiatives aimed at developing future female talent and their commitment to gender balance, including being a signatory to the UN’s Women Empowerment Principles.

The UAE has implemented deliberate policy changes to empower women, resulting in notable representation in leadership roles and education. Women's enhanced skills and representation are vital for future economic and social success. ADNOC's Pathway 20 initiative focuses on developing female board directors.

Education Advancements

The future appears promising for women in the GCC, where they excel over men in STEM education. In PISA tests by OECD, UAE and Saudi women scored 45 points higher than men. This performance gap indicates that women are better equipped for future jobs.

Al Hameedi identified three main barriers hindering women's progress: lack of role models, enabling environments, and networks. "This calls for more role models to inspire women," she said, highlighting the gender gap favouring women in mathematics and science within the GCC.

The discussion at GWFD underscores the critical need for urgent actions towards gender parity across various sectors globally. By addressing these gaps through policy changes, mentorship programs, and showcasing successful female leaders, significant strides can be made towards achieving equality.

With inputs from WAM