Invest In Women To Accelerate Global Development, Urges UNCTAD Chief

On the occasion of International Women's Day on 8th March, UNCTAD Secretary-General Rebeca Grynspan emphasized the critical need for increased investment in creating equal opportunities for women and girls worldwide. Highlighting the disparities in access to education, healthcare, and the workforce, Grynspan pointed out that women often receive lower wages than men and are more likely to interrupt their careers for family care. She expressed concern over recent crises causing a regression in the progress made towards gender equality.

According to Grynspan, it is now estimated that it will take approximately 132 years to close the global gender gap, a significant increase from the 2019 estimate. The United Nations has calculated that an additional US$360 billion per year would be necessary to accelerate the achievement of gender equality by 2030. In a special episode of UNCTAD’s Weekly Tradecast, Grynspan discussed the crucial role of investing in women for not only achieving gender equality but also for fostering stronger, more resilient, and sustainable economies and societies.

Data from the United Nations suggests that eliminating employment gender gaps could potentially increase GDP per capita by 20 percent. Furthermore, addressing disparities in care and expanding services to offer decent jobs could generate nearly 300 million jobs by 2035. Grynspan also stressed the importance of supporting women and girls in science and technology fields, noting that women should be shapers of new technologies to prevent future gender biases.

In fields like artificial intelligence (AI), where only one in five professionals is a woman, there is a risk that AI algorithms could perpetuate societal biases. For instance, translation software often assigns genders to professions based on the language's grammatical rules, which can reinforce stereotypes.

Grynspan challenged the perception of women as merely a vulnerable group, instead describing them as agents of change and pillars of community and economic development. Despite facing a challenging global environment, she remains optimistic about the potential of young women advancing through politics and society, fighting for their rights, and making significant contributions.

With inputs from WAM