Workplace gender equality could boost Asia Pacific economies by $4.3 trillion

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.

More: Meet the 6 powerful women who gave the real estate industry a much needed facelift

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.