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Executive Summary

Elizabeth Curmi

Ying Qin

Miriam Gauer

Jacqueline Gallinetti

One challenge is the lack of high-quality and inclusive data enabling us to measure our successes and failures. Globally. women and girls are consistently left out of data collection and analysis. We lack the data to monitor 80 percent of the indicators for SDG 5 on Gender Equality, and only 13 percent of countries dedicate any resources to compiling statistics on gender. Girls and adolescents are even more invisible, as most official sources only collect data about girls and women aged 15-49. This crucial knowledge gap inspired Citi and Plan International to partner and create one of the most holistic data sets yet on the economic and social benefits of investing in adolescent girls and young women. These investments yield triple societal benefits: for girls today; for the adults they will be tomorrow; and for the next generation raised by empowered parents. Existing research on the economic benefits of investing in girls has taken a siloed approach, focusing largely on individual sectors such as education and health. By investing in these sectors, there is proof we can increase economic returns for the individual as well as national GDP. We argue in this report that a comprehensive and fully-costed series of interventions allowing economies to attain 100 percent upper secondary school completion rates for girls by 2030, could lift GDP in emerging economies by 10 percent on average compared to a business-as-usual scenario. Even greater economic returns would be observed beyond 2030, as the benefits are strongly cumulative. The results are staggering, especially when faced with the consequences of inaction.
Compared to existing studies, we believe the special value of our collaboration is that it brings together in one place the economic and social cases for investing in girls, as well as a multi-component intervention strategy ranging beyond just education, health, and economic empowerment. The analytical framework we created dives deeply into data from eight countries and suggests which combinations of interventions are most appropriate in which settings. Imagine the potential benefits if we could take an integrated approach to investing in girls and young women in all areas of their lives. Making change happen is complex. We argue in this report that structured collaboration between governments, the private sector, NGOs, and philanthropic institutions is paramount to tackling the barriers facing girls. If stakeholders operate in siloes, change will still take place &mdash; but it will be achieved at greater cost, with lower impact, and over a longer timeframe. There is no time to waste.
Authors: Ying Qin,Elizabeth Curmi,Miriam Gauer,Jacqueline Gallinetti,

A structured collaboration between governments, the private sector, NGOs, and philanthropic institutions is paramount to tackling the barriers facing girls.

The Case for Holistic Investment in Girls - CitiGPS

Improving Lives, Realizing Potential, Benefitting Everyone

Leave no one behind. That was the promise made by governments and international civil society in their commitments to achieve the UN Sustainable Development Goals (SDGs) by 2030. With less than a decade to go it is clear that, if we continue on our current trajectory, we will fall far short of those goals.

The Case for Holistic Investment in Girls

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Ronit Ghose

Ronak S Shah

Amy Thompson

Today, women participate in entrepreneurship at 80% the rate of men, according to Global Entrepreneurship Monitor (GEM). This marks a significant improvement over the past 20 years: the equivalent report in 2001 found that women participated in entrepreneurship at roughly half the rate that men did across the countries included in that year’s data set. However, while the pick-up in the simple participation rate is welcome, it masks the fact that women still face many more challenges than men in starting and growing a business. Moreover, much of the growth in participation has been in developing economies where women often start businesses with minimal capital as solo-entrepreneurs in part because they find it even harder to access suitable employment in the formal economy. The International Labour Organization (ILO) estimates that, in 2021, women’s participation in employment was 63% that of men, meaningfully lower than the participation rate as entrepreneurs. There is sadly no shortage of worrying statistics to demonstrate the barriers that many female entrepreneurs face. Lack of access to finance is one of the greatest challenges that women entrepreneurs face around the world. The barrier is perhaps best documented at the venture capital stage: global venture capital funding that went to women-led businesses reached 2.8% of all VC funding in 2019 and fell to 2.3% in 2020.[1] On other statistics, women-owned micro, small, and medium-sized enterprises (MSMEs) make up 23% of the total number of enterprises but account for 32% of the total MSME finance gap. While critical in itself, access to finance is only part of the story, and simply improving access to finance is no guarantee that the entrepreneurial gender gap will close. Women’s entrepreneurial capacity is also materially under-leveraged. The ILO, for example, estimates that 50% of women’s entrepreneurial potential is underused, compared with just 22% of men’s.[2] And, according to the World Bank, 104 out of 190 countries still have legal barriers to women's entrepreneurship. Women entrepreneurs face a series of other barriers in accessing the full business ecosystem. These barriers come with different considerations in different countries, especially in developing economies, but range across legal, cultural and practical limitations on women’s participation in commerce; the difficulty of accessing national and international markets; challenges in building personal networks, with links to mentors who can help navigate the business ecosystem; less access to education and training, especially in business and digital skills; and disproportionate caring and domestic responsibilities, especially among married women. In aggregate, our analysis finds that closing the gender gap in business growth globally could add up to $2.3 trillion to GDP and up to 433 million jobs on a conservative estimate of the substitution effect in the labor market. In addition to simple gains in economic growth and output, women’s economic empowerment also drives much wider social and economic multiplier benefits across families and communities. Women-owned or led businesses generally employ more women employees, which can help drive a virtuous circle in further boosting women’s economic empowerment. In addition, women tend to invest more of their income than men in the health, education, and welfare of their families and communities. Women entrepreneurs can also play a decisive role in achieving the UN Sustainable Development Goals more broadly. Empowering women entrepreneurs is itself an exercise in development as they will create jobs, generate income, build human capital, and drive growth while reducing inequalities leading to reductions in poverty and hunger, and improving health and wellbeing. In addition, women are also an underused source of knowledge, perspective, and innovation, and the businesses they create can provide innovative solutions to global challenges. Having surveyed the global entrepreneurial landscape, we set out a series of recommendations for legislators and also for both public and private capital to help promote more gender-balanced outcomes. Financial institutions, including microfinance initiatives, banks, venture capital and private equity firms, and institutional investors, will be key to unlocking the opportunities around women entrepreneurs. We are here encouraged by two growing trends: the rapid transfer in wealth to women and the rise of environmental, social, and governance (ESG) and gender lens investing. We discuss these trends throughout this report. Unlocking the potential of women’s entrepreneurship requires micro-level interventions alongside a dismantling of macro-level constraints. It also requires concerted actions across the law, public policy and the private sector. Only by partnerships can we put all our resources to productive use and achieve scalable and sustainable impact. [1] Ashley Bittner and Brigette Lau, “Women-Led Start-Ups Received Just 2.3% of VC Funding in 2020,” Harvard Business Review, February 25, 2021. [2] International Labour Organization, Women at Work Trends, March 8, 2016. Authors: Ying Qin,Amy Thompson,Ronit Ghose, CFA,Ronak S Shah,

Today, women participate in entrepreneurship at 80% the rate of men, according to Global Entrepreneurship Monitor (GEM). This marks a significant improvement over the past 20 years: the equivalent report in 2001 found that women participated in entrepreneurship at roughly half the rate that men did across the countries included in that year&rsquo;s data set. However, while the pick-up in the simple participation rate is welcome, it masks the fact that women still face many more challenges than men in starting and growing a business. Moreover, much of the growth in participation has been in developing economies where women often start businesses with minimal capital as solo-entrepreneurs in part because they find it even harder to access suitable employment in the formal economy. The International Labour Organization (ILO) estimates that, in 2021, women&rsquo;s participation in employment was 63% that of men, meaningfully lower than the participation rate as entrepreneurs. There is sadly no shortage of worrying statistics to demonstrate the barriers that many female entrepreneurs face. Lack of access to finance is one of the greatest challenges that women entrepreneurs face around the world. The barrier is perhaps best documented at the venture capital stage: global venture capital funding that went to women-led businesses reached 2.8% of all VC funding in 2019 and fell to 2.3% in 2020.<a href="#_ftn1" name="_ftnref1" data-link-source="tiny">[1]</a> On other statistics, women-owned micro, small, and medium-sized enterprises (MSMEs) make up 23% of the total number of enterprises but account for 32% of the total MSME finance gap. While critical in itself, access to finance is only part of the story, and simply improving access to finance is no guarantee that the entrepreneurial gender gap will close. Women&rsquo;s entrepreneurial capacity is also materially under-leveraged. The ILO, for example, estimates that 50% of women&rsquo;s entrepreneurial potential is underused, compared with just 22% of men&rsquo;s.<a href="#_ftn2" name="_ftnref2" data-link-source="tiny">[2]</a> And, according to the World Bank, 104 out of 190 countries still have legal barriers to women's entrepreneurship. Women entrepreneurs face a series of other barriers in accessing the full business ecosystem. These barriers come with different considerations in different countries, especially in developing economies, but range across legal, cultural and practical limitations on women&rsquo;s participation in commerce; the difficulty of accessing national and international markets; challenges in building personal networks, with links to mentors who can help navigate the business ecosystem; less access to education and training, especially in business and digital skills; and disproportionate caring and domestic responsibilities, especially among married women. In aggregate, our analysis finds that closing the gender gap in business growth globally could add up to $2.3 trillion to GDP and up to 433 million jobs on a conservative estimate of the substitution effect in the labor market. In addition to simple gains in economic growth and output, women&rsquo;s economic empowerment also drives much wider social and economic multiplier benefits across families and communities. Women-owned or led businesses generally employ more women employees, which can help drive a virtuous circle in further boosting women&rsquo;s economic empowerment. In addition, women tend to invest more of their income than men in the health, education, and welfare of their families and communities. Women entrepreneurs can also play a decisive role in achieving the UN Sustainable Development Goals more broadly. Empowering women entrepreneurs is itself an exercise in development as they will create jobs, generate income, build human capital, and drive growth while reducing inequalities leading to reductions in poverty and hunger, and improving health and wellbeing. In addition, women are also an underused source of knowledge, perspective, and innovation, and the businesses they create can provide innovative solutions to global challenges. Having surveyed the global entrepreneurial landscape, we set out a series of recommendations for legislators and also for both public and private capital to help promote more gender-balanced outcomes. Financial institutions, including microfinance initiatives, banks, venture capital and private equity firms, and institutional investors, will be key to unlocking the opportunities around women entrepreneurs. We are here encouraged by two growing trends: the rapid transfer in wealth to women and the rise of environmental, social, and governance (ESG) and gender lens investing. We discuss these trends throughout this report. Unlocking the potential of women&rsquo;s entrepreneurship requires micro-level interventions alongside a dismantling of macro-level constraints. It also requires concerted actions across the law, public policy and the private sector. Only by partnerships can we put all our resources to productive use and achieve scalable and sustainable impact. <a href="#_ftnref1" name="_ftn1" data-link-source="tiny">[1]</a> Ashley Bittner and Brigette Lau, &ldquo;Women-Led Start-Ups Received Just 2.3% of VC Funding in 2020,&rdquo; Harvard Business Review, February 25, 2021. <a href="#_ftnref2" name="_ftn2" data-link-source="tiny">[2]</a> International Labour Organization, Women at Work Trends, March 8, 2016. Authors: Ying Qin,Amy Thompson,Ronit Ghose, CFA,Ronak S Shah,

Gender Gaps in Entrepreneurship Women engage in entrepreneurship at a lower rate than men (11% vs. 14%) and the gaps grow wider through each stage of entrepreneurship. The International Labour Organization estimates that 50% of women's entrepreneurial potential is underused, compared with 22% of men's.

Women engage in entrepreneurship at a lower rate than men (11% vs. 14%) and the gaps grow wider through each stage of entrepreneurship. The International Labour Organization estimates that 50% of women's entrepreneurial potential is underused, compared with 22% of men's.

Gender Gaps in Entrepreneurship

Barriers to Women Entrepreneurship Women entrepreneurs face two types of barriers: (1) access to finance, and (2) full participation in public life and the business ecosystem. These barriers appear at different stages of the entrepreneurial lifecycle.

Women entrepreneurs face two types of barriers: (1) access to finance, and (2) full participation in public life and the business ecosystem. These barriers appear at different stages of the entrepreneurial lifecycle.

Barriers to Women Entrepreneurship

What Opportunities Could Gender Parity Bring? Supporting women entrepreneurs (financially and non-financially) in growing their business is just as important as supporting them in starting their business. Women entrepreneurs are key to tackling global challenges, including catalyzing the post-COVID-19 recovery and addressing the UN Sustainable Development Goals.

Supporting women entrepreneurs (financially and non-financially) in growing their business is just as important as supporting them in starting their business. Women entrepreneurs are key to tackling global challenges, including catalyzing the post-COVID-19 recovery and addressing the UN Sustainable Development Goals.

What Opportunities Could Gender Parity Bring?

Key Actions to Unlock Potential Unlocking the potential of women entrepreneurs requires purposeful action and collaboration across all sectors. We recommend several key actions for financial institutions, government, and the private sector, including those below. IGOs and NGOs are key stakeholders and hold great influencing power and reach from policymakers to individual women and their communities.

Unlocking the potential of women entrepreneurs requires purposeful action and collaboration across all sectors. We recommend several key actions for financial institutions, government, and the private sector, including those below. IGOs and NGOs are key stakeholders and hold great influencing power and reach from policymakers to individual women and their communities.

Key Actions to Unlock Potential

Today, women participate in entrepreneurship at 80% the rate of men, according to Global Entrepreneurship Monitor (GEM). This marks a significant improvement over the past 20 years: the equivalent report in 2001 found that women participated in entrepreneurship at roughly half the rate that men did across the countries included in that year’s data set. However, while the pick-up in the simple participation rate is welcome, it masks the fact that women still face many more challenges than men in starting and growing a business. Moreover, much of the growth in participation has been in developing economies where women often start businesses with minimal capital as solo-entrepreneurs in part because they find it even harder to access suitable employment in the formal economy. The International Labour Organization (ILO) estimates that, in 2021, women’s participation in employment was 63% that of men, meaningfully lower than the participation rate as entrepreneurs. There is sadly no shortage of worrying statistics to demonstrate the barriers that many female entrepreneurs face. Lack of access to finance is one of the greatest challenges that women entrepreneurs face around the world. The barrier is perhaps best documented at the venture capital stage: global venture capital funding that went to women-led businesses reached 2.8% of all VC funding in 2019 and fell to 2.3% in 2020.[1] On other statistics, women-owned micro, small, and medium-sized enterprises (MSMEs) make up 23% of the total number of enterprises but account for 32% of the total MSME finance gap. While critical in itself, access to finance is only part of the story, and simply improving access to finance is no guarantee that the entrepreneurial gender gap will close. Women’s entrepreneurial capacity is also materially under-leveraged. The ILO, for example, estimates that 50% of women’s entrepreneurial potential is underused, compared with just 22% of men’s.[2] And, according to the World Bank, 104 out of 190 countries still have legal barriers to women's entrepreneurship. Women entrepreneurs face a series of other barriers in accessing the full business ecosystem. These barriers come with different considerations in different countries, especially in developing economies, but range across legal, cultural and practical limitations on women’s participation in commerce; the difficulty of accessing national and international markets; challenges in building personal networks, with links to mentors who can help navigate the business ecosystem; less access to education and training, especially in business and digital skills; and disproportionate caring and domestic responsibilities, especially among married women. In aggregate, our analysis finds that closing the gender gap in business growth globally could add up to $2.3 trillion to GDP and up to 433 million jobs on a conservative estimate of the substitution effect in the labor market. In addition to simple gains in economic growth and output, women’s economic empowerment also drives much wider social and economic multiplier benefits across families and communities. Women-owned or led businesses generally employ more women employees, which can help drive a virtuous circle in further boosting women’s economic empowerment. In addition, women tend to invest more of their income than men in the health, education, and welfare of their families and communities. Women entrepreneurs can also play a decisive role in achieving the UN Sustainable Development Goals more broadly. Empowering women entrepreneurs is itself an exercise in development as they will create jobs, generate income, build human capital, and drive growth while reducing inequalities leading to reductions in poverty and hunger, and improving health and wellbeing. In addition, women are also an underused source of knowledge, perspective, and innovation, and the businesses they create can provide innovative solutions to global challenges. Having surveyed the global entrepreneurial landscape, we set out a series of recommendations for legislators and also for both public and private capital to help promote more gender-balanced outcomes. Financial institutions, including microfinance initiatives, banks, venture capital and private equity firms, and institutional investors, will be key to unlocking the opportunities around women entrepreneurs. We are here encouraged by two growing trends: the rapid transfer in wealth to women and the rise of environmental, social, and governance (ESG) and gender lens investing. We discuss these trends throughout this report. Unlocking the potential of women’s entrepreneurship requires micro-level interventions alongside a dismantling of macro-level constraints. It also requires concerted actions across the law, public policy and the private sector. Only by partnerships can we put all our resources to productive use and achieve scalable and sustainable impact. [1] Ashley Bittner and Brigette Lau, “Women-Led Start-Ups Received Just 2.3% of VC Funding in 2020,” Harvard Business Review, February 25, 2021. [2] International Labour Organization, Women at Work Trends, March 8, 2016. Authors: Ying Qin,Amy Thompson,Ronit Ghose, CFA,Ronak S Shah, Gender Gaps in Entrepreneurship Women engage in entrepreneurship at a lower rate than men (11% vs. 14%) and the gaps grow wider through each stage of entrepreneurship. The International Labour Organization estimates that 50% of women's entrepreneurial potential is underused, compared with 22% of men's. Barriers to Women Entrepreneurship Women entrepreneurs face two types of barriers: (1) access to finance, and (2) full participation in public life and the business ecosystem. These barriers appear at different stages of the entrepreneurial lifecycle. What Opportunities Could Gender Parity Bring? Supporting women entrepreneurs (financially and non-financially) in growing their business is just as important as supporting them in starting their business. Women entrepreneurs are key to tackling global challenges, including catalyzing the post-COVID-19 recovery and addressing the UN Sustainable Development Goals. Key Actions to Unlock Potential Unlocking the potential of women entrepreneurs requires purposeful action and collaboration across all sectors. We recommend several key actions for financial institutions, government, and the private sector, including those below. IGOs and NGOs are key stakeholders and hold great influencing power and reach from policymakers to individual women and their communities.

Supporting women entrepreneurs and women-led businesses is not just the right thing to do socially, it is one of the smartest things to do economically.

Women Entrepreneurs - CitiGPS

Catalyzing Growth, Innovation, and Equality

Demonstrating and championing the economic case for gender equality in the global workplace has been a consistent feature of the Citi GPS series over many years. In this new report, we have turned our attention to advocating the business case for supporting women entrepreneurs to start and grow businesses. As the world seeks to build back from the pandemic, transition to a low carbon economy, and achieve the potential of the UN Sustainable Development Goals, we believe that building a gender-balanced playing field for entrepreneurs is critical. Supporting women entrepreneurs and women-led businesses is not just the right thing to do socially, it is one of the smartest things that governments, corporations, and the finance community could do economically.

Women Entrepreneurs

This report in our Citi GPS series is a statement that we at Citi believe that the role of women in the global labor force should be incorporated as a mainstream topic within the debate on global growth for both economic as well as social reasons. We shall be building on this report by developing a deeper research work stream on gender economics. In this report, our global economics team has partnered with Heidi Crebo-Rediker to analyze the dynamics of global female labor force participation. We are delighted to work with Heidi who has enjoyed a distinguished career in both business and government, including as Chief Economist at the State Department under Hillary Clinton where she worked and lectured on the topic of female labor force participation. Average female labor force participation has flat-lined over the past 20 years. In this report, our economists revisit the “Global Growth Generators” thesis that we outlined when we launched our Citi GPS series in 2011 and argue that fresh policy responses, as well as learning from best practice, could improve female labor force participation with significant benefits that are not just economic but also social as well. Looked at purely through an economic lens, greater female labor force participation would drive productivity, reduce the economic drag of adverse demographics and substantially improve the skill mix of the global economy. Of course, our authors point out that much work currently done in the informal economy cannot be ignored and does not get adequately captured in conventional economic measurements. Moreover, there are many cultural and societal issues that lie behind the gender composition of the global labor force, especially in developing economies. These issues also need to be analyzed and understood. In advanced economies, education gaps have largely been closed but other barriers still remain, some in legislation, that impact the gender balance of the workforce. We observe significant progress in countries such as Canada, the Netherlands and Sweden which may offer models that can be leveraged more widely. In Japan, Prime Minister Abe is embracing “Womenomics” as a core pillar of his reform strategy. In developing economies, there is a markedly widespread variance in female economic participation with many social and cultural factors impacting gender equality. The potential for policies and practices – and therefore for economic opportunities for women to improve – is likely highest, on average, in the developing markets. The unlocking of women’s potential in the global economy may well prove to be the key factor that tips the balance from a future of weak growth to one of sustained, inclusive and improving growth over time. I would like to thank our authors for their impactful contribution to this critical global debate and we look forward to developing further research in this area as well as to contributing to the public policy debate on gender economics.

This report in our Citi GPS series is a statement that we at Citi believe that the role of women in the global labor force should be incorporated as a mainstream topic within the debate on global growth for both economic as well as social reasons. We shall be building on this report by developing a deeper research work stream on gender economics.
In this report, our global economics team has partnered with Heidi Crebo-Rediker to analyze the dynamics of global female labor force participation. We are delighted to work with Heidi who has enjoyed a distinguished career in both business and government, including as Chief Economist at the State Department under Hillary Clinton where she worked and lectured on the topic of female labor force participation. Average female labor force participation has flat-lined over the past 20 years.
In this report, our economists revisit the &ldquo;Global Growth Generators&rdquo; thesis that we outlined when we launched our Citi GPS series in 2011 and argue that fresh policy responses, as well as learning from best practice, could improve female labor force participation with significant benefits that are not just economic but also social as well. Looked at purely through an economic lens, greater female labor force participation would drive productivity, reduce the economic drag of adverse demographics and substantially improve the skill mix of the global economy.
Of course, our authors point out that much work currently done in the informal economy cannot be ignored and does not get adequately captured in conventional economic measurements. Moreover, there are many cultural and societal issues that lie behind the gender composition of the global labor force, especially in developing economies. These issues also need to be analyzed and understood.
In advanced economies, education gaps have largely been closed but other barriers still remain, some in legislation, that impact the gender balance of the workforce. We observe significant progress in countries such as Canada, the Netherlands and Sweden which may offer models that can be leveraged more widely. In Japan, Prime Minister Abe is embracing &ldquo;Womenomics&rdquo; as a core pillar of his reform strategy.
In developing economies, there is a markedly widespread variance in female economic participation with many social and cultural factors impacting gender equality. The potential for policies and practices &ndash; and therefore for economic opportunities for women to improve &ndash; is likely highest, on average, in the developing markets. The unlocking of women&rsquo;s potential in the global economy may well prove to be the key factor that tips the balance from a future of weak growth to one of sustained, inclusive and improving growth over time.
I would like to thank our authors for their impactful contribution to this critical global debate and we look forward to developing further research in this area as well as to contributing to the public policy debate on gender economics.

Global Growth Generators

The relevance of gender to economic growth as a mainstream research question is a relatively new field. There is an impressive and growing body of literature on women and the economy most notably from global institutions such as the IMF, the OECD, the United Nations and the World Bank. This year the G20 has also included women as a driver of growth as part of its overall progress agenda. Despite this, most of the work produced by leading economists on global growth and, in particular, on whether we face a future of secular stagnation, still concentrates on monetary and fiscal policy responses.

Women in the Economy

Ebrahim Rahbari

Tina M Fordham

Robert Annibale

Katsuhiko Aiba

Giada Giani

Andrew Labelle

Kiichi Murashima

Dana M Peterson

We remain wary of the more exaggerated growth estimates driven by the simple assumption that direct female labor force participation and productivity can be raised fully to the current level of males. Instead, we estimate that significant, and in our view achievable, reductions in workplace gender inequalities could perhaps add around 6% to GDP in the advanced economies over the course of one or two decades — a very significant number relative to the potential of other structural reforms or to the relatively depressed growth prospects in advanced economies more generally. The specific measures required to advance economic gender equality differ widely from country to country. However, common themes emerge around government initiatives such as tax, childcare support, and retirement structures as well as workplace flexibility and other employer-led initiatives. The country comparison between the U.S. and Canada is particularly instructive in this context. In Canada, for example, we show that tax reforms as well as federal and provincial government support for parenting initiatives appear to have made a positive different to female employment rates. In the report we also highlight some key elements of the research done by the UN High-Level Panel on Women's Economic Empowerment (UN HLP), which was established in 2016 and included Citi's Chief Global Political Analyst Tina Fordham as one of its 20 senior representatives. To accelerate progress against the constraints that undermine women's economic opportunity in all aspects of work, the UN HLP has made recommendations to address these constraints, which we outline in the report. The recommendations encompass seven drivers of change: tackling adverse norms and promoting positive role models; ensuring legal protection and reforming discriminatory laws; recognizing and redistributing unpaid work and care; building financial, digital, and property assets for women; changing business culture and practices; improving public sector practices in employment and procurement; and strengthening visibility and representation of women. Picking up on one of the themes in the UN HLP work, we include a chapter in the report that looks at the potential of expanding financial access to women by introducing some practical examples which Citi has pioneered through our Inclusive Finance and Community Development teams. We also have two interviews — one with Simona Scarpaleggia, CEO of IKEA Switzerland and one with President Luis Guillermo Solis of Costa Rica — that discuss both the challenges that management has in maximizing corporate female labor participation and what role the government and private sector can play in advancing the UN principles around women's economic empowerment. Finally, we note that the rise in global assets that are managed according to environmental, social, and governance (ESG) criteria has risen dramatically and the UN's Sustainable Development Goals (SDGs) are increasingly being endorsed by institutional investors as a roadmap to help drive progress on ESG issues. Within the SDG's, women's economic empowerment and diversity are the focus of two of the 17 SDGs and we believe the rise in social impact investing will lead to increased interest in both agendas. Authors: Tina M Fordham,Ebrahim Rahbari,Robert Annibale,Katsuhiko Aiba,Giada Giani,Andrew Labelle,Kiichi Murashima,Dana M Peterson,

We remain wary of the more exaggerated growth estimates driven by the simple assumption that direct female labor force participation and productivity can be raised fully to the current level of males. Instead, we estimate that significant, and in our view achievable, reductions in workplace gender inequalities could perhaps add around 6% to GDP in the advanced economies over the course of one or two decades &mdash; a very significant number relative to the potential of other structural reforms or to the relatively depressed growth prospects in advanced economies more generally. The specific measures required to advance economic gender equality differ widely from country to country. However, common themes emerge around government initiatives such as tax, childcare support, and retirement structures as well as workplace flexibility and other employer-led initiatives. The country comparison between the U.S. and Canada is particularly instructive in this context. In Canada, for example, we show that tax reforms as well as federal and provincial government support for parenting initiatives appear to have made a positive different to female employment rates. In the report we also highlight some key elements of the research done by the UN High-Level Panel on Women's Economic Empowerment (UN HLP), which was established in 2016 and included Citi's Chief Global Political Analyst Tina Fordham as one of its 20 senior representatives. To accelerate progress against the constraints that undermine women's economic opportunity in all aspects of work, the UN HLP has made recommendations to address these constraints, which we outline in the report. The recommendations encompass seven drivers of change: tackling adverse norms and promoting positive role models; ensuring legal protection and reforming discriminatory laws; recognizing and redistributing unpaid work and care; building financial, digital, and property assets for women; changing business culture and practices; improving public sector practices in employment and procurement; and strengthening visibility and representation of women. Picking up on one of the themes in the UN HLP work, we include a chapter in the report that looks at the potential of expanding financial access to women by introducing some practical examples which Citi has pioneered through our Inclusive Finance and Community Development teams. We also have two interviews &mdash; one with Simona Scarpaleggia, CEO of IKEA Switzerland and one with President Luis Guillermo Solis of Costa Rica &mdash; that discuss both the challenges that management has in maximizing corporate female labor participation and what role the government and private sector can play in advancing the UN principles around women's economic empowerment. Finally, we note that the rise in global assets that are managed according to environmental, social, and governance (ESG) criteria has risen dramatically and the UN's Sustainable Development Goals (SDGs) are increasingly being endorsed by institutional investors as a roadmap to help drive progress on ESG issues. Within the SDG's, women's economic empowerment and diversity are the focus of two of the 17 SDGs and we believe the rise in social impact investing will lead to increased interest in both agendas. Authors: Tina M Fordham,Ebrahim Rahbari,Robert Annibale,Katsuhiko Aiba,Giada Giani,Andrew Labelle,Kiichi Murashima,Dana M Peterson,

How Implementing a Women’s Economic Empowerment Agenda Can Shape the Global Economy

</h2> &nbsp; <h3>In 2015 we published the Citi GPS report <a href="https://ir.citi.com/gXFwE63ePkx7QlmKPvIWVs5ar8H%2Fc6Hak%2FGoUBFIEE1FobV%2BC6r0NL%2B52Av76Hnt7RM5GHhviyc%3D">Women in the Economy: Global Growth Generators</a>, which made the case that the role of women in the labor force should be incorporated as a mainstream topic within the debate on global growth for both economic as well as social reasons. In our new report, we dig deeper into the economic case for female economic empowerment through some fresh insights on the key issues as well as through a series of country case studies comparing the U.S. with Canada and Italy with Sweden. Alongside this, we have produced a standalone investigation of the issues facing Japan where harnessing the potential of women in the economy will be vital to protecting even modest growth prospects in the country.

Women in the Economy II

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We at Citi believe that the role of women in the global labor force should be incorporated as a mainstream topic within the debate on global growth for both economic as well as social reasons. Our Women in the Economy series looks at the economic case for female economic empowerment and provides concrete actions that both companies and governments can adopt as part of a wider embrace of the global agenda to reduce gender inequality through promoting women’s economic empowerment.

Women in the Economy Series

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