The world as a whole benefits from economic equality
However, in many parts of the world women are being fundamentally restricted and disadvantaged in participating economically and having opportunities to act.
The current situation:
Distribution of unpaid care work
- On average, women in paid employment in all regions of the world earn less than men.x
- Furthermore, most – around 75 per cent – of unpaid care and domestic work is performed by womenx, making access to paid employment more difficult.
- It is estimated that over one billion women worldwide currently have no access to a basic bank account.
These and many other inequalities and obstacles make it difficult for women to be financially independent, to participate in economic developments and to acquire wealth.
Support for female entrepreneurs
The 2030 Agenda has set women's economic empowerment as subgoal 8.5. x Although the number of female entrepreneurs has increased, it remains below that of its male counterpart. Strong regional differences exist in women's participation in the labour market and in the number of female entrepreneurs, with Sub-Saharan Africa having the highest share of women entrepreneurs while the MENA region’s share of women in the labour market has stagnated at under 20%.
Targeted assistance helps female entrepreneurs, those already active as well as those starting up, to overcome systemic obstacles, secure their entrepreneurial success and create jobs. Gender-sensitive employment promotion is also indispensable, since women have less access to fairly paid and socially secure employment due to structural, social and systemic inequalities.
Important to know: A more equal economy will not only benefit women and their families but also the world as a whole. A study has shown that if women equally participate in the global economy, it could grow by 28 trillion US dollars by 2025.x
Financial inclusion is an important starting point to economically support women and female entrepreneurship. Such inclusion gives access to formal financial markets, ranging from savings accounts to financial products for specific needs.
Equality in the economy also includes equal participation in existing markets as well as equal access to and control over resources. Moreover, women must be given equal participation in economic decision-making at all levels, from households to international institutions, and women must be guaranteed a say.
- Source: McKinsey (2015) The power of party: How advancing women’s equality can add $12 trillion to global growth, vii (öffnet neues Fenster) (opens in a new window)
- Source: McKinsey (2015) The power of party: How advancing women’s equality can add $12 trillion to global growth, vii (öffnet neues Fenster) (öffnet neues Fenster) (opens in a new window)
Source: United Nations Transforming our World: The 2030 Agenda for Sustainable Development
- Source: Mc Kinsey (2015) The power of party: How advancing women’s equality can add $12 trillion to global growth, vii (opens in a new window)