Reducing the current wage and employment gap between men and women may boost the gross domestic product of developed and emerging markets by 5 per cent to 6 per cent, according to a report by Goldman Sachs.
Closing these gaps completely could result in a 10 per cent GDP boost for developed market economies, rising to 13 per cent in emerging markets, the report says.
“Looking at these issues afresh, we find that shrinking working age populations mean that it is now more important than ever to utilise the full resources women have to offer (and to reward them fully),” the report by Goldman Sachs senior portfolio strategist Sharon Bell and emerging market strategist Sara Grut said.
Gender gaps persist in education, health, work, wages and political participation across developed and developing countries alike.
This is despite numerous studies that have highlighted the economic case, in addition to the basic human rights argument, for gender equality.
A report by the World Economic Forum last month showed that women will not achieve equality with men globally for another 131 years, with only tepid progress made in closing persistently large gender gaps, prompting the urgent need for action.
For the 146 countries covered in the 2023 index, the economic participation and opportunity gap has closed by 60.1 per cent, according to the WEF report.
Based on a constant sample of 102 countries covered in all editions of the report since it began in 2006, the economic participation and opportunity score regressed from 60 per cent in 2022 to 59.8 per cent in 2023.
At the current rate of progress observed between 2006 and 2023, it will take 169 years to close this gap.
While women are moving into positions of leadership in business, progress is slow and representation at the top of organisations remains elusive, the Goldman Sachs report said. Men account for 92 per cent of chief executives at large-cap companies listed in developed markets, reaching 94 per cent in emerging markets.
New challenges are also emerging as a result of the impact of advanced technologies on labour markets. The jobs that will be most affected by artificial intelligence also tend to be held by women rather than men: about 60 per cent to 70 per cent of the workforce in these areas are women, the report said.
However, roles that require a high degree of face-to-face interaction, or caring professions – both areas where women dominate – are likely to be made more productive through AI and are unlikely to be replaced by it, the report said.
What policy-makers, companies and investors can do
To address the gender gap, Goldman Sachs recommends that policy-makers, companies and investors focus on specific areas.
Education is "all-important", as women with a higher level of education are more likely both to work and to earn more when they are employed, the report said. They also typically spend this increased income on their families, improving their children’s educational attainment, health and welfare.
Stakeholders must also offer family-friendly policies, including maternity and paternity leave, as well as subsidised, high-quality childcare, the report said. All of these policies are associated, albeit loosely, with the higher participation of women in the workforce.
More transparency is needed in the disclosure of pay gaps, which Goldman Sachs says are "still large and still largely unexplained".
The report also calls for "broadening out the leadership pipeline", particularly in technology and finance, as these sectors are lagging in terms of female representation, both generally and at more senior levels.
These sectors are also crucial when it comes to financing women-led businesses and the implications of AI on work opportunities for both men and women, Goldman Sachs said.
The biogs
Name: Zinah Madi
Occupation: Co-founder of Dots and links
Nationality: Syrian
Family: Married, Mother of Tala, 18, Sharif, 14, Kareem, 2
Favourite Quote: “There is only one way to succeed in anything, and that is to give it everything.”
Name: Razan Nabulsi
Occupation: Co-founder of Dots and Links
Nationality: Jordanian
Family: Married, Mother of Yahya, 3.5
Favourite Quote: A Chinese proverb that says: “Be not afraid of moving slowly, be afraid only of standing still.”
SERIE A FIXTURES
Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)
Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)
Monday Fiorentina v Genoa (11.45pm)
COMPANY%20PROFILE
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Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
Women’s World T20, Asia Qualifier, in Bangkok
UAE fixtures Mon Nov 20, v China; Tue Nov 21, v Thailand; Thu Nov 23, v Nepal; Fri Nov 24, v Hong Kong; Sun Nov 26, v Malaysia; Mon Nov 27, Final
(The winners will progress to the Global Qualifier)
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
COMPANY%20PROFILE
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Company%20Profile
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UAE currency: the story behind the money in your pockets
