Which economy, estimated at US$28 trillion, is bigger than the US or China? It’s women
- Survey reveals 97 per cent of businesses in China employ at least one woman in senior management, higher than the global average of 87 per cent
- China should encourage more women to participate in the booming in the e-commerce and technology sectors and into leadership positions, say analysts
Narrowing the gender gap in the workplace could boost global gross domestic product by 31 per cent or US$28 trillion, the size of the US and China GDP combined, according to a report by BofA Merrill Lynch.
But the current pace at which the gap is reducing, it will take 202 years to close the gap. And analysts say that there is still a long way to go to advance gender equality in the workplace as millions celebrate International Women’s Day on Friday.
By 2020 women are expected to hold US$72 trillion of the world’s financial assets, twice the 2010 level and are accumulating assets 1.5 times faster than men.
In Asia, women account for around 50 per cent of the region’s population and 36 per cent of GDP, but just 12 per cent of board seats and 3 per cent of CEO positions, showed a report released by McKinsey last year.
And in China, women contribute an above-average 41 per cent to GDP.
