The World Bank on Tuesday said around 2.4 billion women of working age are not afforded equal economic opportunity.
The institution found that 178 countries maintain legal barriers that prevent the their economic participation.
In 86 countries, women face job restrictions and 95 countries do not guarantee equal pay for equal work, according to the Women, Business and the Law (WBL) 2022 report.
However, despite the COVID-19 effect on lives and livelihood, 23 countries reformed their laws in 2021, advancing women’s economic inclusion.
World Bank Managing Director of Development Policy and Partnerships, Mari Pangestu said while progress has been made, the gap between men’s and women’s expected lifetime earnings globally is $172trillion.
“As we move forward to achieve green, resilient and inclusive development, governments need to accelerate the pace of legal reforms so that women can realize their full potential and benefit fully and equally”, Pangestu noted.
Senior Vice President and Chief Economist, Carmen Reinhart stressed that women cannot achieve equality in the workplace if they are on an unequal footing at home,.
“That means leveling the playing field and ensuring that having children doesn’t mean women are excluded from full participation in the economy and realizing their hopes and ambitions”, Reinhart said.
The WBL 2022 measures laws and regulations across 190 countries in eight areas including mobility, workplace, pay, marriage, parenthood, entrepreneurship, assets, and pensions.
