Narrowing the gap between the number of working men and women can boost emerging and developing economies' gross domestic product by about 8 per cent over the next few years, according to the International Monetary Fund.
Raising the rate of female labour force participation by 5.9 percentage points in these countries will help drive inclusive growth amid the world's weakest medium-term economic growth outlook in more than three decades, the IMF said on Wednesday.
Global growth is expected to languish at just 3 per cent over the next five years but closing the gender gap in labour force participation can help countries gain "substantial" returns.
Only 47 per cent of women are active in today’s labour markets, compared with 72 per cent of men, according to the Washington-based lender.
The average global gap has fallen by only 1 percentage point annually over the past three decades and "remains unacceptably wide".
"With traditional growth engines sputtering, many economies are missing out by not tapping women’s potential," the fund said.
"To blame are unfair laws, unequal access to services, discriminatory attitudes and other barriers that prevent women from realising their full economic potential. The result is a shocking waste of talent, leading to losses in potential growth."
Gender gaps continue to persist in education, health, work, wages and labour participation across developed and developing countries.
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 in June showed that women will not achieve equality with men globally for another 131 years, with only tepid progress made in closing stubbornly 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.
Research reports consistently underscore the economic benefits of gender equality.
Reducing the current wage and employment gap between men and women may boost the GDP of developed and emerging markets by 5 per cent to 6 per cent, Goldman Sachs said in a July report.
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, it said.
The increasing participation of women in Saudi Arabia's workforce is expected to boost the country’s economy by $39 billion, or 3.5 per cent, by 2032, if the current rate of growth continues, S&P Global Ratings said earlier this month.
Raising the rate of female labour force participation in emerging and developing economies by 5.9 percentage points equates to the average amount by which the top 5 per cent of countries reduced the participation gap during 2014 to 2019, the IMF said.
That is more than the economic “scarring” or output losses inflicted on countries by the Covid-19 pandemic, the fund's data showed.
Complementing measures to narrow gender gaps with other reforms, such as improving governance, strengthening institutions and unlocking capital for investment, will "greatly amplify" these returns, it said.
However, current policies "do not come close" to closing gender gaps.
Without a "significant step up" in policy efforts, gender gaps may in fact never close, the IMF said in a research paper earlier this month.
"Absent a strengthened and systematic policy effort, some of the current misallocation of women’s talents and abilities could persist perpetually," it said.
While countries have made progress in increasing women’s participation, economies of all income levels experienced several setbacks – a result of shocks, crises and policy reversals, according to the IMF's analysis of three decades of data.
The pandemic, for example, has eroded progress closing gender gaps, especially for women with young children.
Such setbacks hinder and often reverse progress toward gender equality, the IMF said.
As a result, gender gaps in labour force participation will narrow but never close if countries continue with current policies.
"Countries must step up efforts to break down barriers to women’s participation in the labour market – such as limited access to education, health, assets, finance, land, legal rights, and care services," the IMF urged.
"They should systematically take account of how macroeconomic, structural, and financial policy packages impact women."
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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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
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
More on Quran memorisation:
Zayed Sustainability Prize
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Brief scoreline:
Liverpool 2
Keita 5', Firmino 26'
Porto 0
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Where to Find Me by Alba Arikha
Alma Books
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The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
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MATCH INFO
First Test at Barbados
West Indies won by 381 runs
Second Test at Antigua
West Indies won by 10 wickets
Third Test at St Lucia
February 9-13
Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
