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Women and gender
OpinionComment
Akanksha Khullar
Akanksha Khullar

Macroscope | Investing more in women and girls can ensure a sound economic recovery in 2023

  • An investment in women’s education, healthcare or access to resources would, on its own, boost the economic prosperity of a country
  • If combined, however, they could multiply the chances to create a more virtuous cycle, building stronger nations and a more sustainable, fairer world

Reading Time:3 minutes
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Afghan girls walk back to their homes after attending school in Jalalabad, on January 9. Incentives for families to send their daughters to school are among the many steps countries can take to improve education access and bolster economic growth. Photo: AFP
Akanksha Khullar
From a sharp rise in the price of basic commodities to the prolonged effects of Covid-19 and a massive contraction in economic activity, 2022 was filled with major crises that had a disproportionate impact on women and pushed their progress back decades. As a result, inequalities widened and the vision of achieving gender parity became more blurred.
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We must remember that women account for about half of the world’s population, and a sound economic recovery is impossible without their inclusion. Gender equality and women’s empowerment are crucial for development, economic stability, environment sustainability and achieving the UN’s Sustainable Development Goals.

Given that global growth is likely to slow, from 3.2 per cent in 2022 to 2.7 per cent in 2023, the need to look for unconventional methods – such as aggressively investing in women – to deal with some of the world’s biggest problems such as poverty, while ensuring inclusive, speedy economic growth, is all the more important.

Women around the world contribute towards economic growth and development, especially through their participation in the labour force. This not only brings an improvement in tax contributions but also overall production, income and household savings. However, the level of their contribution is often constrained because of their limited access to education, training and healthcare services.

There is ample evidence to suggest education plays a vital role in the economic empowerment of women. Even a few years of schooling can enable them to gain secure employment opportunities, achieve better economic prospects and give them a better chance of sending their own children to school, thereby bringing about massive advances in a country’s overall economic growth.

02:18

Taliban bans Afghan women from university education in latest U-turn on promises

Taliban bans Afghan women from university education in latest U-turn on promises
A World Bank report reaffirmed this as far back as 2014, stating that each additional year of schooling boosts women’s earnings by an average of 11.7 per cent, in comparison to 9.6 per cent for men. It is therefore safe to say that gender gaps in education can severely obstruct economic growth.
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