World Bank's IFC: Gender Equality can expand Egypt's GDP by 32 per cent
GDP could increase by 32 per cent in the case of equality between men and women in the labour market.
- Arab Rep.
IFC, an arm of the World Bank (WB), engaged in private sector financing said on Thursday that Egypt’s GDP could increase by 32 per cent provided there is gender equality in the labour market.
Jing Dong Hua, vice president of the IFC, a member of the World Bank Group, said "The importance of supporting gender equality and empowering women in Egypt, raising awareness of the importance of promoting equality between them and enhancing their participation in the economy.”
According to a report issued by the World Economic Forum in 2017, any progress in bridging the gender gap at the global level to produce results Is surprisingly impressive, with the potential of expanding global GDP by USD 5.3 trillion over the next seven years.
Egyptian women are still paid less than men for equal work. The gender wage gap currently stands at 22 per cent, the study showed.
The event should be a wakeup call for business leaders, investors, government officials, civil society members, and other key partners to discuss the business case for gender equality, in addition to highlighting steps taken by some companies to empower women in the workplace.
According to a recent IFC study, companies with female directors performed significantly better than those without, with a return on assets three times higher and return on equity twice as high. In Egypt, only 7 per cent of firms are led by a female top executive.