WOMEN AS DRIVERS OF ECONOMIC GROWTH

Women are key drivers of economic growth, if one want to eliminate extreme poverty and build vibrant and lively economy; one must give ample oppurtunities to women in business sector, it includes: gain access to capital as well as control of capital, lands, markets, education and leadership opportunities. Women are transforming financial markets and economies across the globe. Women are like a force that move the markets and if their participation increases in the form of labour force then it has the potential to drive global growth in a very quick and steadfast manner. moreover, women’s control of world's investable wealth is on the rise, possibly will reach $72 trillion world wide by 2020.

              Generally  when market offers the potential for economic prosperity, women are generally in less of a secure position to take risk of investment; especially women of our country Pakistan. Women comprises  over half of the Pakistan’s population yet notable portion is still out of labour force or they are working in the informal sectors receiving low pay and with few  legal protection. Moreover, Pakistani women are not able to contribute to the economy as the way they should,it may be due to various factors involved. Though for the indisposed Pakistani economy we need to think about  the out of  box solutions.

 We need to aware more and more women to start enterprises and help the economy grow. According to the world bank data 2019 only 24% of Pakistani women above the age of 15 are actively involved in labour force. In contrast, the figure for men in Pakistan stands at 81%. Globally Pakistan is ahead of only 15 countries in terms of women labour  force participation rate. A recent study by international monetary funds (IMF) estimates that Pakistan can increase its GDP by 30% by closing gender gap; for a developing country that is currently growing at a slow pace this number should set alarm bells ringing. Encouragingly; however, comparing with previous years, Pakistan has improved on a majority of  indicators.

The GDP per capita losses in the labour market participation attributable to gender gaps are estimated at  more then 20% in different world regions.it can increase by nearly one third if women labour force participation rates match male participation rates. A recent ILO study indicates that if Pakistan  reduces the gender gap by 25% its GDP can increase by 9% an increase of  $139 billion. It is much more than the US aid in the last 16 years ($33 billion).

Lowering the barriers faced by women in Pakistan at home and intentionally and helping more business women to connect to international value chains would reinforce growth and insertion. It would create more as well as better paying jobs for women and this in turn will serve and flourish our economy by great numbers.