The World Bank reveals, in a new report published on Thursday, that the pace of reforms for the equal treatment of women before the law has reached its lowest level in 20 years, risking hindering economic growth at a critical moment for the global economy.
In a statement, the financial institution informs that the report « Women, Business and the Law 2023 » screens the laws and regulations of 190 countries in eight areas that influence women’s participation in economic life (mobility , work, earnings, marriage, parenthood, entrepreneurship, assets and retirement).
The data, as of October 1, 2022, provides objective benchmarks against which progress in legal gender equality can be measured around the world. Today, only 14 countries, all high-income economies, have achieved full legal parity, according to the document.
Nearly 2.4 billion women of working age around the world still do not enjoy the same rights as men. However, according to the report, by closing the gender gap in employment, GDP per capita could increase in the long term by almost 20% on average. In addition, studies estimate between $5 trillion and $6 trillion in global economic gains that could be achieved if women started and grew new businesses at the same rate as men.
The report notes that in 2022, only 34 gender-related legal reforms were recorded in 18 countries, the lowest number since 2001. Most of these reforms were aimed at increasing the remuneration of paid leave for parents and fathers , to remove restrictions on women’s work and to impose equal pay.
It will take another 1,549 reforms to achieve substantial legal gender equality across all areas covered by the report. At the current rate, it would take at least 50 years to achieve this goal, warns the document.
While high-income OECD economies currently have the highest level of gender equality in economic opportunity, developing economies have continued to carry out important reforms.
Sub-Saharan Africa has made considerable progress in the past year, with more than half of the reforms registered worldwide in 2022: seven economies (Benin, Republic of Congo, Côte d’Ivoire, Gabon, Malawi, Uganda and Senegal) have adopted 18 positive legal changes.
Although great progress has been made over the past five decades, much remains to be done worldwide to go beyond good intentions and achieve tangible results, namely guaranteeing equal opportunities for women before the law. Women cannot afford to wait any longer to achieve equality, and neither can the global economy, the statement concludes.
By OMA Newsletter N° 1073 of 03/03/2023
Article published under the direction of Dr. Najib Kettani
The OMA, NGO with an Intercontinental vocation
For the development of cultural exchanges
Valuing human potential
The promotion and consolidation of Africa’s development, and
Inter-African integration
