Failing to invest in women, gender equality costs global economy $10 trillion annually, reveals UN report
A new UN report has revealed that governments’ failure to invest in women and girls is costing the global economy $10 trillion annually.
According The Guardian report, citing this year’s Gender Snapshot report from UN Women agency, low- and middle-income countries face a potential $500 billion loss over the next five years if the gender gap in internet access remains unaddressed and that, at current rates, child marriage could persist until 2092.
The report also highlights how improving support for female farmers could boost global GDP by $1 trillion.
“The cost of not achieving gender equality is just way too high but at the same time, the potential returns of doing so are also too high to ignore for societies,” The Guardian quoted Papa Seck, head of UN Women’s research and data section, as saying.
The annual report also revealed that 47.8 million more women than men face severe food insecurity, extreme poverty for women could persist for another 137 years, and climate change may push 158 million more women and girls into poverty compared to men and boys.
“Governments must start investing hard cash into women and girls,” said Seck, and make “non-negotiable” changes to their laws to better protect them.
The report also found that no country has a complete set of laws to fully prohibit discrimination, prevent gender-based violence, ensure equal rights in marriage and divorce, guarantee equal pay, and provide comprehensive sexual and reproductive health access.
Of the 120 countries with available data, 67 lack anti-discrimination laws for women, and 28 have not implemented equal marriage and divorce rights. Only 41 countries are close to meeting gender equality targets.
Also over half impose at least one restriction on women performing the same jobs as men, and half do not define rape as a crime of non-consent, added the report.
According to a snapshot report, published on September 7, an extra $360 billion is needed annually to achieve gender equality by 2030.
The report warns that the world is “way off track” to meet gender targets in the 17 sustainable development goals (SDGs) set for 2030.
Deep-rooted biases hinder progress, including unequal access to sexual and reproductive health, political representation, economic opportunities, and legal protections.
Rachel Saunders from Nottingham University told The Guardian that the UK government must enforce laws requiring employers to disclose salaries and inform women of local sex offenders.
She said that existing laws, like the Equality Act 2010, are poorly implemented, with the gender pay gap persisting and inadequate parental leave policies.
Jemima Olchawski, CEO of the Fawcett Society, criticised the widespread complacency towards gender disparities, describing them as “ghosts” from a past when women lacked rights and an assumption that progress would occur naturally over time.
“That is absolutely not the case,” The Guardian quoted Olchawski as saying.
“We are consistently and constantly perpetuating and even creating new inequalities for women and girls,” she added.
Olchawski said that women still face “absolutely horrendous situations,” such as the Taliban’s ban on Afghan women working, studying, or speaking in public.
“I’m not at all surprised to see that, sadly,” she said. “We’re just not seeing progress.”
Ezel Buse Sönmezocak from Women for Women’s Human Rights urged governments to fund feminist movements.
“When you [do], you build a defense against backsliding,” she was quoted as saying.
She added that the snapshot should be a call to “hold on to the sustainable development goals (SDGs) and be more ambitious.”
With inputs from agencies