Global Gender Gap in Economic Opportunities Wider Than Previously Estimated, Says World Bank
A new report by the World Bank, Women, Business and the Law 2024, reveals that legal barriers continue to hinder the economic participation of 3.9 billion women globally, with the gender gap in economic opportunities proving more pronounced than earlier assessments suggested.
Despite strides in enacting gender-equal laws, the report finds that women still have only two-thirds of the legal rights afforded to men on average, with no economy achieving full legal parity across the 190 jurisdictions surveyed. The findings underscore the persistent structural inequalities in economic systems worldwide.
The report notes that the global average score for legal gender equality stands at 64.2 out of 100, underscoring significant legal and institutional gaps. Also, no country achieved a perfect score, highlighting that gender disparities in economic rights are universal.
Additionally, legal reforms are progressing, but many economies lag in creating the conditions necessary for women’s full economic participation.
Structural Barriers Persist
While some economies have undertaken reforms, the report highlights that progress is uneven. The updated Women, Business, and the Law 1.0 framework shows incremental improvements in the original eight indicators, but systemic challenges remain.
“The lack of comprehensive legal equality underlines why women continue to face obstacles to economic participation, with knock-on effects for broader economic growth,” the report notes.
The findings contained in the report are likely to intensify calls for policymakers to address not only legislative gaps but also weaknesses in enforcement mechanisms and institutional frameworks.
Analysts suggest that bridging the gender gap could unlock significant economic potential, especially in emerging markets.
As global economies grapple with structural inequalities, the World Bank’s report reinforces the need for a concerted effort to close the gender gap and ensure that legal protections translate into real-world opportunities for women.
