Daily Times

Chief Executive Officer Pakistan Furniture Council Mian Kashif Ashfaq Sunday said that in countries with greater gender inequality, closing the gap in women’s labour force participation could increase economic output by an average of 35 percent. Talking to delegation of women entrepreneurs led by renowned furniture designer Nida Ejaz, he said ” we have to narrow gender gap which he added is harming national as well global growth”. He said locking women out of economic opportunities is non-Islamic, unfair and also harms growth and resilience for all.”Over time, gender-sensitive macroeconomic and financial policies will result in higher growth, greater economic stability and resilience, and lower income inequality-a dividend not just for women, but for everyone”, he added. He said out of 190 countries surveyed, the World Bank found that women were equal legal standing with men in just 12 countries which speaks of sorry state of affairs worldwide. Mian Kashif Ashfaq said according to organisation for economic cooperation and development, gender based discrimination in social institutions costs the world economy $6 trillion but in recent years countries have reduced these costs through social and legal actions such as curbing underage marriages, criminalisation domestic violence and increasing the number of female elected officials. He said macro economic and financial policies affect women and men differently, often unintentionally. He said policy makers must help identify and remedy those biases by applying a gender lens to our main activities focusing towards maximum participation of women in every sphere of life for quick economic prosperity.