The Strategist

Moody’s: Gender pay gap may cost global economy $7T

03/07/2023 - 10:04

Moody's analysts found that eliminating the gender pay disparity could add $7 trillion to global economic growth.

According to analysts at the global credit rating agency Moody's, eliminating the wage difference between men and women could increase global economic activity by about 7%, or $7 trillion.

The estimate is based on information on the wage rise that women in Organization for Economic Cooperation and Development (OECD) nations between the ages of 25 and 64 would experience if their pay were on par with that of men. According to the researchers, if things continue as they are, it could take 132 years for the gender wage disparity to be closed globally.

According to Moody's, the rate of growth in the share of women in the global workforce and in roles of productive leadership determines how quickly the economy recovers. The study also points out that reducing the pay gap in developing nations like India would increase that potential.



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