WEF 2024: Global leaders emphasize urgency in tackling persistent gender parity challenges

Global leaders at the World Economic Forum (WEF) 2024 in Davos have reiterated the urgent need to address ongoing gender parity challenges, highlighting the slow progress indicated by the WEF Global Gender Gap Report 2022. Despite economic, social, and technological advancements, the report estimates a daunting 132 years to achieve global gender parity.

Speaking to CNBC-TV18 Managing Editor Shereen Bhan during the forum, leaders emphasized the crucial role of gender parity in propelling economic growth and societal advancement. Gabriela Sommerfeld, Ecuador’s Minister of Foreign Affairs, underscored the economic significance, citing that gender parity could contribute $2.6 trillion for Latin America, with Ecuador alone benefiting by $46 billion. Ecuador has taken proactive measures, including establishing a dedicated ministry focusing on women’s issues, violence prevention, education, and access to financing.

Annette Mosman, CEO of APG Group, shared her shift in perspective on gender parity targets, acknowledging the positive impact of diversity on business. Initially opposed to quotas, Mosman now advocates for intervention and clear targets, emphasizing the need for measurable turnover, profits, and diversity goals to enhance future business outcomes.

Sri Mulyani Indrawati, Indonesia’s Finance Minister, discussed the country’s commitment to mainstreaming gender equality in its development program. She highlighted the introduction of budget tagging to identify support for gender within the budget. Recognizing the stagnant participation of women in the labor force, she called for fiscal tools, regulations, and policies to improve women’s skills, including introducing scholarships for higher education.

The discussions at WEF 2024 reflect a collective acknowledgment of the persistent gender disparity challenges and a commitment to tangible interventions to accelerate progress toward achieving gender parity on a global scale.