Gender inequality costs the global economy $28 trillion

gender

A new report from the consultants at McKinsey has confirmed something we’ve all known for some time: gender inequality has an economic cost.

According to the report, it’s costing as much as $28 trillion or 26 per cent of global annual GDP.

“This impact is roughly equivalent to the size of the combined Chinese and US economies today,” the report says.

“Gender inequality is not only a pressing moral and social issue but also a critical economic challenge. If women—who account for half the world’s working-age population—do not achieve their full economic potential, the global economy will suffer.

“We acknowledge that gender parity in economic outcomes (such as participation in the workforce or presence in leadership positions) is not necessarily a normative ideal, as it involves human beings making personal choices about the lives they lead; we also recognize that men can be disadvantaged relative to women in some instances. However, we believe that the world, including the private sector, would benefit by focusing on the large economic opportunity of improving parity between men and women.”

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