UN highlights urgent need for investment in women's economic empowerment

UNITED NATIONS, March 8 (Xinhua) -- UN Women on Thursday issued a stark reminder that significant investment in women is crucial to accelerating economic growth and creating more equitable societies.

"This year's theme -- invest in women -- reminds us that ending the patriarchy requires money on the table," said UN Secretary-General Antonio Guterres in a message on the eve of International Women's Day, emphasizing the urgent need for financial mechanisms to support women and girls.

The agency estimated that an additional 360 billion U.S. dollars per year is required for developing countries to bridge the gender gap under the Sustainable Development Goals.

"This all depends on unlocking finance for sustainable development," Guterres said, highlighting the critical role of funding in ending violence against women and promoting their inclusion in various sectors.

Closing the credit gap for female-owned enterprises could boost annual incomes by 12 percent by 2030, said UN Women, noting despite their significant presence in the workforce, women often face barriers to owning resources like land and technology, which are essential for entrepreneurship and job opportunities.

Gender disparities, particularly in earnings, have profound economic impacts, costing more than double the value of global GDP in human capital wealth. Nearly 60 percent of women's employment globally is informal, with pay gaps persisting across various demographics, according to the agency.

Violence, conflict, and economic disparities pose significant threats to women's security and economic participation, said the agency, noting the global cost of violence against women is estimated at 1.5 trillion dollars.

UN Women stressed the importance of gender-responsive social protection systems, like cash transfers, in reducing mortality rates among women and enhancing their security and economic empowerment.

UN Woman urged stakeholders to challenge social norms that undermine women's economic contributions and to amplify their voices in decision-making processes.