Global Gender Gap Widens: 135 Years to Parity, Urgent Action Needed
The World Economic Forum's latest Global Gender Gap Report presents a concerning outlook. Despite advancements, the average distance to parity stands at 68%, with an estimated 135 years to bridge the gap. Urgent action is required from global policymakers to empower women and tackle this pressing global challenge.
The report underscores that women comprise around 50% of the population but only 39% of the global labor force. The COVID-19 pandemic has exacerbated this, with job loss rates 1.8 times higher for women than men. In India, while 62.5% of the gender gap has been closed, the country's rank dropped to 140 due to a decline in the Political Empowerment Subindex. Globally, the gender gap in political empowerment remains the widest, with only 22% closed.
The Confederation of Indian Industry (CII) Foundation launched the Women Exemplar Award in 2005 to acknowledge and celebrate women's achievements. CII conducts research and offers policy suggestions to empower women, including incentives for underrepresented sectors and expanding education. A research project, 'Declining Female Labour Force Participation in India', was undertaken by the Institute for Human Development (IHD) or similar organizations like the National Institute of Public Finance and Policy (NIPFP) or the Institute of Economic Growth (IEG), to understand and address these concerns.
The economic impact of gender inequality is significant. Advancing gender equality could contribute US$ 13 trillion to global GDP by 2030, while delayed action could reduce GDP by around US$ 5 trillion. As the pandemic continues to disproportionately impact women's employment, targeted policies and initiatives are vital to hasten progress towards gender parity.
