Using a range of data sources to examine women’s participation in relation to health, education, economic opportunity and politics, the 2016 Global Gender Gap Report shows that if current trends continue, then a baby girl born today will only see the gender gap close if she lives to 83.
In other words, with only 59 per cent of the economic gender gap having been closed across the World’s countries, there is considerable work left to done to ensure that the talent of the whole population is fully utilised.
That is not to say that opportunities for women do not exist in a number of exemplar nations for closing the gap much more quickly and the index in the report shows that there are a number of countries that are leaders in allocating resources more equitably between men and women.
For those of us who are regular visitors to the Nordic countries, it may not be surprising that the four leading nations in terms of gender equality are Iceland, Finland, Norway and Sweden.
The small island economy of Iceland leads the World for the eighth consecutive year having closed more than 87 per cent of its overall gender gap.
By having more women amongst politicians, public officials and managers, it is the top performer in terms of political empowerment and this he higher participation by women in public life has had a positive impact because of their commitment to prioritising and investing in key priorities such as family life, education and health.
Unfortunately for the UK – which is ranked 20th in the world on gender equality – there has been an overall decline in female legislators and senior officials in the past year. But it is not only in politics where there can be positive effects from closing the gap.
For example, the study shows that increased gender parity in education within developing countries lowers infant mortality rates, reduces maternal mortality rates, increases labour force participation rates and earnings and fosters further educational investment in children. In addition, investing in health for women - especially maternal, new-born and children’s health - also has a significant effect on society.
However, it is the issue of increasing women’s economic participation that should be at the heart of any future developments by corporations and governments given that female talent is one of the most under-utilised resources in the developed world.
With research showing that diversity is key to better decision-making within all types of businesses, ensuring that more women are at the highest levels of management will only not improve organisational performance but will also enable a closer understanding of a broader array of stakeholder needs that are critical to future competitive success in global markets.
And with women controlling 64 per cent of global household spending and £30 trillion of consumer spending, having senior executives who understand these priorities could have a positive effect on the bottom-line of those companies operating in sectors such food, healthcare, education, childcare and consumer durables.
Most important of all, closing the pay gap between men and women, increasing women’s hours of work and improving their participation in higher paying sectors could provide a massive boost to the economy.
As the McKinsey Global Institute reported last month, if women participated in the British economy to the same degree as men then economic output would be £600bn a year higher in 2025.
And there is no longer any excuse for not doing so either here in Britain or in other economies around the World.
Indeed, as the singer Beyonce recently said “Women make up half of the U.S. workforce, but the average working woman earns only 77 per cent of what the average working man makes. And unless women and men both say this is unacceptable, things will not change."
I couldn’t agree more and it is no longer acceptable for both our politicians and business leaders to ignore the economic gender gap that still exists if we are not only to have a more equal society but, more importantly, a more prosperous one.