In 2023, the role of women in driving global economies has continued to expand and evolve and cannot be overstated. Women have significantly steered the development of economies around the world, and their contribution has been increasingly recognized in recent years. The gender has been breaking barriers and making significant strides in various industries, from entrepreneurship to leadership. Despite facing many challenges, women have been breaking barriers and achieving remarkable success in various industries. From leading multinational corporations to run small businesses, women have made significant strides in the economic landscape. Their contributions to the economy are increasingly recognized, and their economic power is growing. In this article, we shall understand the role of women in driving global economies in 2023 and the challenges they take head-on in doing so.
Women in the Global Workforce
The participation of women inthe global labour force has continued to increase, albeit at a slow pace.According to the International Labour Organization (ILO), women’s participation
in the labour force increased from 49.6% in 2020 to 50.1% in 2021. This increase is significant, but it also highlights thepersistent gender gap that still exists in many countries. While women’s labourforce participation rates have improved, they still face numerous challenges in
accessing decent work, including discrimination, unequal pay, and lack ofaccess to education and training.
The gender pay gap remains asignificant challenge in many countries, although some progress has been made.According to the World Economic Forum’s 2022 Global Gender Gap Report, theglobal gender pay gap is estimated at 15.5%, with women earning $0.85 for everydollar earned by men. This gap is narrower than in previous years, indicatingsome progress towards closing the gap. However, the pace of progress remainsslow, and the gender pay gap is still wider in some countries. For example, inthe United States, women earn 82 cents for every dollar earned by their counterparts men, while inSouth Korea, the gender pay gap is estimated at 32.5%.
Access to education andtraining remains a significant challenge for women in many countries, althoughprogress has been made in some areas. According to UNESCO, the number of
out-of-school girls has decreased from 131 million in 2019 to 118 million in2021. However, women still face barriers to accessing education and training,particularly in developing countries. This lack of education and traininglimits women’s access to decent work, particularly in high-skill, high-paying sectors.Despite these challenges,women have continued to make significant contributions to the global workforce,and their economic power is growing.
Women in Business
Womenentrepreneurs play a crucial role in driving global economies. According to the
Global Entrepreneurship Monitor, women entrepreneurs account for 42% of allentrepreneurs worldwide, andthis proportion has remained relatively stable in recent years. In some countries, such as Ghana, Panama, and Indonesia,women entrepreneurs outnumber men. Women entrepreneurs continue to facesignificant challenges, including limited access to finance and markets, andsocietal and cultural barriers.
Women entrepreneurs face significant challenges, including limited access to finance and markets, and societal and cultural barriers. According to, to a report by the International Finance Corporation (IFC), women-owned businesses face a $1.7 trillion credit gap globally, which limits their growth and ability to contribute to economic development. Women entrepreneurs also face discrimination and bias, which can limit their access to markets and customers.
Despite thesechallenges, women entrepreneurs are making significant strides in drivingeconomic growth. In the United States, women-owned businesses account for 42%of all businesses, generating $2.3 trillion in revenue. In the United Kingdom,women-led businesses generate £125 billion in revenue, and in Canada, women-ledbusinesses contribute $158 billion to the economy.
Women inLeadership
Women inleadership positions also play a critical role in driving global economies.
According to McKinsey & Company report, organisations with more women inleadership positions are more likely to outperform their peers. The reportfound that companies with more than 30% women in leadership positions had ahigher likelihood of financial outperformance than those with fewer women inleadership.
Despite thegrowing evidence of the benefits of gender diversity in leadership, women are
still underrepresented in senior management positions. According to a report byGrant Thornton, women hold just 31% of senior management roles globally. Thisunderrepresentation is even more pronounced in certain sectors, such asfinance, technology, and engineering.
Closing the Gender Gap
Closing thegender gap in the global workforce is crucial for driving economic growth and
achieving sustainable development. According to a McKinsey Global Institute report, closing the gender gap is an elementary catalyst for achieving primaryand secondary goals. For e.g., cooking is an essential skill and not a genderrole, household chores are not limited to the female gender when it belongs toall, and women are not meant for just making babies and raising them. Closingthe gender gap will put many basic and essential skills in place escalating aseamless development of a nation.
Preserving and securing endangered cultures
In recent times, we have witnessed many tribal cultures under the threat of extinction. These cultures are facing isolation, displacement, racial disparity, and crucial inequality. Women of such tribes have come to the front to represent their tribes and their concerns on the global diaspora. Female members of ethnic communities and tribal cultures are the hallmarks of nature preservation and sustainable life and pioneers in solving the global crisis with sustainable solutions. Women of this vulnerable segment are steering the preservation of unique cultures and traditions through bold leadership and voicing for stable inclusions across the planet. Cultures that have been a part of our existence are being secured by women of these endangered communities, thus stabilising global economies.
On International Women’s Day 2023, let’s embrace equity where acceptance of equality is welcomed with open arms and not attacked. Every gender is designed for a purpose. But when uncontrollable forces suppress gender for patriarchal benefits, it is high time that we not only recognise the impact of women’s empowerment but also acknowledge the fact that women are steering nations and their economic developments by and large.
