In a post-COVID-19 world, treating women equally in the workforce could aid in economic growth
According to the South China Morning Post, economies in the Asia Pacific region could recover from the downturn through more advanced gender equality in the workplace.
McKinsey & Company, a management consulting firm, published a study revealing that the region’s economies could earn an additional USD4.3 trillion or around 12 percent of the combined annual GDP over the next 10 years if women were treated more equally in the office.
“This is such a big growth opportunity that it cannot be ignored, particularly now as we head into economic turmoil,” said Kweilin Ellingrud, the senior partner at McKinsey who co-authored the Power of Parity study in 2015 and initiated the research into the impact of gender inequality on the economy of about 100 countries.
In 2019, when the firm updated the study, the researchers discovered a meagre improvement in the global Gender Parity Score, which they created to monitor 15 indicators of equality in the society and at workplaces on a zero to one ratio, with one demonstrating gender equality.
The accumulated Gender Parity score for gender equality across the globe rose by one percent. Meanwhile, the Asia Pacific trailed behind the West at 0.58, while Europe and North America each ranked 0.76.
In the region, the Philippines garnered the highest score at 0.71, followed by Singapore at 0.68, China at 0.66 and then India at 0.50.
Sri Lanka eyes a revival as the political transition and pandemic cripples the tourism industry
The island nation’s property sector is currently on the ropes as they emerge out of one trough and sink into another
Hong Kong’s commercial property market in turmoil
Corrosive street protests and the ongoing US-China trade market were damaging enough for Hong Kong’s commercial real estate industry. Then came COVID-19
Indonesia’s new regulations could make or break the property sector
Rolled out to slash Indonesia’s excessive red tape, the new set of laws could make or break a stasis in the property sector
The Philippines finds REIT timing for property investment
Contagion and natural calamity thwart the country’s thriving real estate industry, but a new form of investment is set to democratise the property market