Promoting economic justice, women's rights in the economy, and closing gender gaps in the workplace is essential for realizing the 2030 Agenda for Sustainable Development and achieving the United Nations' Sustainable Development Goals (SDGs). Financially, it is significant to note that increasing women's employment boosts economies. Women's economic empowerment enhances economic diversification and income equality, contributing to shared prosperity. It is estimated that closing the gender gap could add $7 trillion to the global economy.
Improving women's and girls' education contributes to their economic empowerment and fosters more inclusive and environmentally sustainable economic growth. Education, professional development, and retraining, especially to keep pace with rapid technological changes affecting the labor market, are vital for the health and well-being of women and girls, as well as for their income-generating opportunities and participation in the formal labor market.
Women's economic equality is beneficial for businesses. Companies gain significantly from increased opportunities for women's employment and leadership, which have been shown to enhance organizational effectiveness and growth. Companies with three or more women in senior management positions tend to perform better across all areas of performance.
However, despite these positive projections and statistics demonstrating the potential gains from increased women's participation in economic activities, much remains to be done, as current statistics show:
- Globally, over 2.7 billion women are legally restricted from having the same job choices as men. Out of 190 economies evaluated in 2023, more than a third (69 economies) have laws limiting women's work decisions, and 43 lack legislation addressing sexual harassment in the workplace.
- Women are less likely than men to participate in the labor market globally: The global gender gap in labor force participation has remained at 30% since 1990, with 80% of men participating compared to 50% of women. In 2022, the labor force participation rate for women aged 25 to 54 was 61.4%, compared to 90.6% for men. Women in this age group with at least one child under six experience a "motherhood penalty," with the gap widening from 29.2% to 42.6%, showing a 53.1% participation rate for women and 95.7% for men.
- Women have a slightly lower probability of being unemployed than men but face a higher employment deficit. In 2022, the global unemployment rate for women was 5.7%, compared to 5.8% for men, with little change expected in 2024. However, the employment deficit incidence rate for women in 2022 was 15.0%, compared to 10.5% for men, indicating 153 million more women with unmet employment needs compared to 115 million men.
- Women are overrepresented in vulnerable and informal employment. Nearly 60% of women's employment worldwide falls within the informal economy, and in low-income countries, this figure exceeds 90%, according to the latest available study from 2018.
Knowing these statistics and the challenges that need to be addressed to improve this situation, we invite you to join our project. Together, we can help more women own their businesses and achieve economic independence.
Source: Facts and figures: Economic empowerment / UN Women.
