Why gender equality is macro-critical
Gender parity is not just a moral imperative, it is an economic necessity
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IN A world grappling with multiple crises, the imperative to achieve gender equality has become even more pronounced. Public institutions, including central banks, should be at the forefront of this effort, but they often fail to rise to the occasion.
Gender disparities – in opportunities, outcomes and levels of representation – have detrimental effects on both micro- and macroeconomic indicators. The Official Monetary and Financial Institutions Forum’s (OMFIF) 2024 Gender Balance Index (GBI) shows that only 16 per cent of the 335 institutions in the index are led by women.
According to Monique Newiak, deputy chief of the inclusion and gender unit at the International Monetary Fund (IMF), “gender gaps are simply a misallocation of resources”. Any frictions that create different opportunities for women and men lead to a misallocation of human capital and productive resources as well as having an impact on growth, economic diversification and businesses’ profits.
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