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What We Know About Women in the Economy Today
Research from the World Bank, the United Nations, the Global Entrepreneurship Monitor, Deloitte, Ernst & Young, the Population Reference Bureau, and others demonstrate that the real drivers of the economy are women —as business leaders, employees, consumers, and entrepreneurs. Investing in women can yield a significant boost in economic growth, otherwise known as “the gender dividend.” When women are made the focus in business decisions, communities will thrive around them. [1]
Below are some of the most important statistics available on women in the economy:
- The average woman spends more than twice as much time on unpaid work as her male counterparts. [2]
- In developing regions, 1 in 3 women is excluded in economic decision making within their households. Furthermore, elderly women and single mothers are much more likely to be impoverished worldwide. [3]
- Globally, the average woman only makes between 76 cents for every dollar made by a man. [4]
- While over 81% of working-age men are employed in the formal sector, this advantage is only true for 54% of women in this age group. [5]
- Implementing full economic gender parity could add $526 billion to the GDP of Japan and more than $1.2 trillion to that of the United States. Furthermore, it would likely add $2.5 trillion to China’s GDP by 2020. [6]
- Women account for over $20 trillion in consumer spending per year and are involved in 80 percent of purchasing decisions worldwide. [7]
Below are some of the most important statistics available on women as business owners:
- There are approximately 224 million women entrepreneurs worldwide [8] who participate in the ownership of nearly 35% of firms in the formal economy. [9]
- More women than men entrepreneurs introduce innovations (new products and services) in developed economies. [10]
- In societies where women perceive they have the capabilities for entrepreneurship, there is a greater likelihood women will also perceive entrepreneurial opportunities. However, fewer women (47.7 percent) than men (62.1 percent) believe they have the capabilities to start and run businesses. [11
- According to research conducted by WEConnect International, women-owned businesses earn less than 1 percent of the money spent on vendors by large corporations and governments.
Get Started!
Recommended Action Steps
- Determine market/country to kick-off global program
- Identify and engage program stakeholders and local company advocates
- Integrate processes and tools
- Develop an internal and external communications plan
- Provide the ability for non-US diverse suppliers to register
- Leverage certification organizations that can verify business ownership, management and control
- Identify diverse-owned businesses in current global supply chain
- Determine non-US diverse spend and establish a baseline
- Develop annual spend objectives (by country, region, division, etc.)
- Identify procurement opportunities and engage the organization
- Measure success
- Diverse spend
- Success stories
- Engage prime suppliers
[1] Belohlav, Kate. "Investing in Women and Girls for a Gender Dividend". The Population Reference Bureau. June 2016.
[2] "Progress of the World's Women 2015-2016". UN Women. 2016.
[3] "The World's Women 2015: Trends and Statistics". United Nationa Statistics Division. 2015.
[4] "Progress of the World's Women 2015-2016". UN Women. 2016.
[5] "The Global Gender Gap Report 2016". World Economic Forum. 2016.
[7] "The Business Case for Women's Economic Empowerment: An Integrated Approach". Dalberg.com. October 2014.
[8] "GEM 2014 Women's Report". Global Entrepreneurship Research Association. 2014.
[9] "Firms with Female Participation in Ownership". The World Bank. 2017
[10] "The Business Case for Global Supplier Diversity and Inclusion". WEConnect International. 2017.
[11] "GEM 2014 Women's Report". Global Entrepreneurship Research Association. 2014.