For the past three decades, trade has been an essential thing in stabilizing the global community in terms of job creation, development, technological advancement and ideas, increasing productivity, expanding the choices of customers and preferences, and enabling international communication channels.
At the moment, we can say that the world has never been more prosperous in terms of trade. Yet, the world economy with reference to trade faces serious derailment due to discrimination, geopolitical tensions and protectionist rhetoric. However, to avoid the risk of collapse and to drive the growth of global economy faster, there is need to include women in it. In fact, empowering women to participate in the global economy can help to grow the GDP by $28 trillion by the year 2025.
The inclusion of women in the economy will have a lot of benefits since various studies have shown that they devote more of their household budgets on nutrition, health and education than their counterpart males. Countries that have greater gender equality tend to enjoy higher economic growths than those that are discriminatory. There is a lot of socioeconomic benefits such as poverty reduction, innovation, decision making, and environmental sustainability benefits that can result from women empowerment. For example, according to the World Bank report of 2012 revealed that the Latin American women as well as those of the Caribbean played a critical role in poverty reduction of their countries.
Women can be involved in more international business if the barriers to trade faced by them can be reduced. Such a move would create an equal environment for competing with other businessmen and thus help them to connect to international value chains that would create better paying opportunities for them. Additionally, women are diet cautious and thus, they would bring change into the eating habits of the people.
For those that want to see the global economy change, they must put domestic and international policies in place that will empower women. Tapping what has previously been underutilized will enable the society and the world at large to realize gains they have never had before.