Women Hold the Key to Global Economic Growth: World Bank Report Calls for Action

There’s a powerful force waiting to be unleashed, and it’s holding only two-thirds of the legal power it deserves. That force is women, and the World Bank Group’s recent Women, Business and the Law 2024 report paints a clear picture: removing legal discrimination against women could double global economic growth.

The report, launched on March 5th, 2024, reveals a sobering truth: despite legal advancements, a significant gap remains between the rights enshrined in law and the reality women face. Insufficient implementation is a major hurdle, highlighting the need for concrete action.

The event featured a powerhouse lineup of experts. Indermit Gill laid out the economic imperative, stating that empowering women legally has the potential to double global growth. Tea Trumbic presented the report’s findings, while Amanda Ellis and Menna Farouk shed light on the crucial link between women’s safety, mobility, and their ability to participate in the workforce.

A panel discussion moderated by Norman Loayza delved deeper, featuring Hon. Minister Dr. Isata Mahoi, Hon. Minister Ien, Jamille Bigio, and Hana Brixi. They explored concrete legal and policy pathways to finally unlock women’s economic potential.

The closing remarks by Secretary General Martin Chungong resonated strongly. He urged policymakers to leverage the report’s insights to drive not just gender equality, but also sustainable development.

This report is a call to action. It’s a call to bridge the gap between legal rights and lived experiences. It’s a call to recognize the immense power women hold as economic actors. By dismantling legal barriers and ensuring safety and mobility for women, we can unlock a future of shared prosperity.

Women, Business and the Law 2024 full report download