Women In The World Economy: The Next Decade Of Action

January 5, 2023

Women are a powerful force in today's global economy, driving growth and making valuable contributions to their communities through business, innovation, and entrepreneurship. However, despite these successes, there is still much work to be done for women entrepreneurs worldwide to achieve equal footing with their male counterparts. 


The next decade of action is pivotal in creating the conditions that enable women’s full economic participation. All while centralizing female leadership at the highest decision-making levels across public sector bodies, regulatory boards, and private sector institutions.


In this blog post, we'll dive into key global challenges facing women, pinpoint areas of progress, and provide businesses with tangible ways to support change in our societies.

Women in the global economy

Women have always played a significant role in the global economy, but their contributions have often been overlooked. In recent years, there has been a growing recognition of the important role women play in the global economy. There have been several initiatives aimed at promoting gender equality and female empowerment across all areas of the economy, including the workforce and corporate leadership.


Despite these efforts, women continue to face many challenges in the global economy. They are often paid less than men for equal work, lack access to education and training opportunities, and are often shut out of senior management positions.


There is a lot of debate about how best to address these issues and promote gender equality in the global economy. Some argue that we need more legislation and regulations to level the playing field for women. Others argue that we should focus on empowering women through education and training and that this will ultimately lead to greater gender equality.


There is no easy answer to this question, but it is clear that promoting gender equality is essential if we want to create a more equitable and sustainable global economy.

Challenges women face when trying to achieve parity with men regarding economic participation

When it comes to parity with men in terms of economic participation, women face several challenges. For one, women are often not given the same opportunities as men regarding education and work experience. It can lead to a cycle of hardship, as women cannot get good jobs and earn decent wages.


Additionally, women are often responsible for unpaid work such as childcare and housework, which chips away at their ability to earn an income. And finally, women often face discrimination in the workplace, which can lead to lower pay and fewer opportunities for advancement.


All of these factors contribute to the gender wage gap, which is the difference between men's and women's wages. On average, women earn about 80 cents for every dollar that men earn. This discrepancy is even larger for women of color and mothers.


Ultimately, achieving parity between men and women in terms of economic participation will require a concerted effort from both individuals and institutions. We should all be working towards it because when everyone has an opportunity to succeed economically, we all benefit.

The progress made in terms of women's economic empowerment

Many strides have been made in women's economic empowerment in the past few decades. One major accomplishment has been the increasing women's labor force participation rates. It is due, in part, to the fact that more women are now getting an education and can enter the workforce.


In addition, there has been a rise in women-owned businesses over the past few years. According to a report from 2007, there were an estimated 10 million women-owned businesses in the United States, which accounted for $1 trillion in sales. This number has undoubtedly increased since then. 

Presently, women start businesses at twice the rate of men, and they are also more likely to succeed than male-owned businesses.


One reason for this is that women often have different priorities when it comes to running a business. For example, they are more likely to focus on social impact and sustainable practices than their male counterparts. They are also more likely to reinvest their profits into their businesses, which helps them grow and scale up more quickly.


All of these accomplishments show that women are becoming empowered economically, which positively impacts both individual women and society. We can only expect things to continue improving for women in terms of economic empowerment in the years ahead.

How businesses can support change in our societies

There are many ways companies can help change our communities regarding women's empowerment.

 

  • The most important way is to provide tangible resources and financial support to organizations working to empower women. It could include donating money, providing in-kind donations such as office space or supplies, or even offering pro-bono services.


  • Businesses can also help promote positive images of women and girls in the media. It can be done by advertising only products and services from companies that support gender equality or by supporting campaigns that promote positive representations of women.


  • Businesses can also help create safe and inclusive workplaces for women. It includes implementing policies and procedures that prevent sexual harassment and discrimination and providing training on recognizing and preventing these issues. Texas women's empowerment foundation can also work with local organizations to create community programs that support the empowerment of women and girls.


Despite the many challenges women face in the workplace, there has been some progress. Businesses can support this change by taking tangible steps to empower women in their workforces and society. 

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