Bolstering Global Economy: The Impact of Empowering Women in the Workforce

In a groundbreaking statement that redefines the economic importance of gender equality, the World Bank highlights the vast potential for global economic improvement by eradicating laws and practices that hinder women's participation in the workforce. According to the World Bank's 10th annual Women, Business and the Law report, should such discriminatory obstacles be abolished, there's a projection that global GDP could rise by more than 20%, significantly bolstering the rate of global growth over the coming decade.

Delving into the nuances of legal inequality, the report stunningly revises the understanding of the legal protections women have on average worldwide; previously estimated at 77%, the actual figure now stands at 64%. This sharp downgrade is attributable to the introduction of new indicators, namely safety and childcare, which opened up a significant disparity alongside pre-existing factors like pay, marriage, parenthood, workplace rights, mobility, assets, entrepreneurship, and pensions.

For the first time ever, the World Bank report goes beyond mere legislation and critically assesses the practical implementation of laws that purport to shield women from discrimination in as many as 190 countries. The reality uncovered is jarringly discrepant from policy, exhibiting what has been termed a "shocking" void where protective measures should be in effect.

The bank's chief economist, Indermit Gill, stressed the largely untapped potential of women to rejuvenate a lethargic global economy. However, the momentum for reform appears to be decelerating, which could dampen this potential. Women still face numerous barriers, from starting businesses to enduring pay disparities and restrictive norms on when and where they can work.

In a comprehensive examination of legal protection against domestic violence, sexual harassment, child marriage, and femicide, women fall drastically behind, having barely a third of the protections they need. The deficiency in safety laws extends to public spaces where only 40 countries out of 151 prohibit sexual harassment, indicating a perilous environment for women merely commuting to work.

Another profound inequity is found in the allocation of unpaid care work. Women spend considerably more time than men in such endeavors, primarily child care, reinforcing the need for high-quality child care services observed in barely 78 of the surveyed nations.

Even in situations where women have rights codified on paper, the report reveals a stark lack of effective systems for proper implementation and enforcement. For instance, despite 98 economies upholding equal pay laws, only a fractional 35 have concrete enforcement mechanisms, leaving a stubborn pay gap wherein women earn just 77 cents to a man's dollar.

Governments have at their disposal a bevy of recommendations from the World Bank to amend this situation, including enhancing laws on safety and childcare, reforming restrictions on women’s employment opportunities, broadening parental leave, and imposing quotas for women on corporate boards.

It's not just the working years where the gender divide manifests. Women face diminished pension benefits and greater financial insecurity in older age due to lower lifetime earnings, compounded by earlier retirement despite longer life expectancy compared to men.

Tea Trumbic, the report's lead author, calls attention to the stark workforce participation gap - fewer than half of the world's women are employed compared to three-quarters of men. She deems this colossal wastage and unequivocally states no nation can afford to marginalize half its citizenry.

Ending the obstructive legislation and fostering an equitable and safe environment for women in the workforce is not a mere ethical imperative but a robust strategy for economic amplification and sustainable growth, as shown by this crucial World Bank report.