WEF 2024: Global leaders reiterate urgency to address persistent gender parity challenges

As the world progresses economically, socially, and technologically, gender parity remains a persistent challenge. The World Economic Forum's Global Gender Gap Report 2022 indicates a slow trajectory, estimating another 132 years to achieve gender parity globally.

Speaking with CNBC-TV18 Managing Editor Shereen Bhan from the sidelines of the Davos World Economic Forum (WEF) 2024, world leaders underscored the critical need for gender parity to drive economic growth and societal progress.

Gabriela Sommerfeld, Ecuador's Minister of Foreign Affairs, stressed the economic importance of gender parity, for enhanced productivity and overall economic well-being.

"Gender parity for Latin America is $2.6 trillion. And that means for Ecuador’s economy it is $46 billion," she said, adding, "So it's important to bring gender parity to our countries and to our lives for more productivity and a better economy for everybody."

She said that Ecuador has taken proactive steps, establishing a dedicated ministry focusing on women's issues, violence prevention, education, and access to financing.

Annette Mosman, CEO of APG Group, reflected on her shift in perspective regarding gender parity targets. Initially opposed to quotas, Mosman now recognizes the necessity for intervention and clear targets in achieving diversity's positive impact on business.

"I was against targets and quotas for gender parity decade ago because I believed that we can do it ourselves, from a female point of view. And numbers are clear- macroeconomic, business numbers, that it is working diversity, not only through the gender, but also cultural aspects and social aspects is working. So I thought, if we really are running a business, it will work out and we don't need quota and targets."

She emphasized setting targets on turnover, profits, and diversity to enhance future profits. "But the numbers here are also clear that we do need intervention, clear targets, no excuses. So targets on turnover and profits, but also on diversity to improve future profits."

Sri Mulyani Indrawati, Indonesia's Finance Minister, discussed the country's commitment to mainstreaming gender equality in its medium-term development program. “...Also if you cannot measure then you cannot make progress and that's why within the budget, we are introducing the budget tagging, that is identifying whether the budget is really providing a lot of support for the gender. So gender targeting, tagging within the budget is being introduced," she said.

Acknowledging the stagnant participation of women in the labor force, she called for the use of fiscal tools, regulations, and policies to enhance women's skills, including the introduction of scholarships for higher education.

Woman participation in the labour force in Indonesia is still quite stagnant. So the government needs to use the fiscal tools, including also regulation and policy to improve the skill of the woman from the very basic. We are also introducing scholarship for higher education,” she added.