Progress towards levelling the playing field for women in the labour market has stalled, according to a recent article written by International Monetary Fund (IMF) president, Christine Lagarde.
“This is bad news for everyone, because it translates into lower economic growth – amounting to as much as 27% of per capita GDP in some countries,” Lagarde wrote.
The former French Finance Minister stressed that women account for most unpaid work and that when they are paid, they normally receive “less than men for the same jobs, even in OECD countries, where the average gender wage gap is about 16%”.
Lagarde, who was recently considered one of the most powerful women in the world by Forbes magazine, added that distortions and discrimination in the labour market restrict women’s chances of equal pay and rising to senior positions.
The article “Women and the World Economy” was published online on the “Project Syndicate” website and is based on data presented in the IMF report “Women, Work and Economy” released last month.
