Women’s unaccounted work may reach globally USD 28 trillion per year

The director of Civil Development Programs at the Hariri Foundation for Sustainable Human Development, Dima Hassan, wrote a feature in the Daily Star newspaper on the role of women in economy highlighting the importance of empowering women to play their key role in entrepreneurial economy. In her introductory note, Hassan cited the outcomes of a study by McKinsey Global Institute which has shown that the participation of women in the global labor market can add as much as USD 28 trillion to the global annual GDP by 2025. It pointed out that the female economy if well invested could create an economic boom, and this will reflect on their children and families. Despite efforts by some women to prove themselves in the business world, yet a great number of them remain marginalized in the labor market and face challenges that impede their productive capacities, Hassan wrote, adding that women are still not given rightful opportunities to prove themselves adequately. With only 50% of them participating in the formal work sector, Hassan stated, it is still a big waste of numerous talents and potentials that could save national economies worldwide. While she underscored the effective role of women in the entrepreneurial world, Hassan made a point that men still outweigh them in the innovation, operation and sustainability of projects, as reported by the Global Entrepreneurship Monitor, which added, that women have globally 40% fewer businesses than men. Finally, Hassan stressed the responsibility of all components of society towards the empowerment of women to enable them to use their full potentials. She noted that the emphasis on boosting startups and SMEs is not enough; rather there should be a comprehensive approach that will give women access to markets. (The Daily Star, June 8, 2016)