April 11, 2021

Closing gender gaps would increase GDP by 230,847 million




The “ClosinGap” cluster, made up of twelve companies (Merck, Mapfre, Repsol, Vodafone, Melià Hotels International, Mahou San Miguel-Solan de Cabras, BMW Group, L’Oréal, PwC, Bankia, Grupo Social ONCE and Kreab) has presented this Friday the first indicator – the “ClosinGap Index”– which measures the impact of the gender gap on Spanish GDP and which was created with the aim of serving as a reference to measure the evolution of gender inequality and its cost in the economy. Among the main conclusions, it estimates that closing the gender gaps would inject 230,847 million euros into GDP, 18.5% of what Spain achieved in 2019.

This would also represent the creation of up to 3.2 million full-time equivalent female jobs, as well as an average increase in female productivity of 1,301 euros due to its greater presence in more dynamic sectors of the economy such as scientific-technical.

In any case, the report confirms the distance that still separates men and women. These despite representing 51.4% of the working-age population, they only contribute to 41.5% of GDP.

But what exactly is the “ClosinGap Index”? This indicator aims to give an estimate of the gender gap in Spain, with an annual periodicity, analyzing five categories: “Employment”, “Education”, “Conciliation”, “Digitization” and “Health and Well-being”, through 28 different variables. Specifically, the report indicates that in 2020 Spain stood at 64.1%, understanding 100% as full parity. So 35.9% remains to close the entire gap. Looking back to 2015, this projection allows estimating that gender gaps will not be closed until 2055. In other words, there are still 35 years left to achieve equality.

Spain has the largest gap, always according to the «ClosinGap Index», in the “Conciliation”– with 56% to close, although it is the one that has advanced the most of those analyzed, narrowing at a rate of 4.4% since 2015- while in “Health & Wellness” the gap is barely 15.5%. In between categories such as “Digitization” with a gap of 28.7% and that has been reducing at an annual rate of 0.3% in the last five years. O Education that has a gap of 32.1%, especially weighed down by the low access of women to scientific careers, engineering and mathematics.

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