Closing women’s health gap can boost global economy by $1 trn annually: WEF

Davos: Closing women’s health gap can help more women to live healthier, higher-quality lives, and provide an unprecedented boost to the global economy by $1 trillion annually by 2024, according to a new World Economic Forum (WEF) report released on Wednesday.

The report developed in collaboration with the McKinsey Health Institute, analyses the health conditions that uniquely or disproportionately affect women and quantifies the health gap today and the potential economic boon of bridging it tomorrow.

It noted that addressing problems that limit the ability of many women to engage in the workforce and earn a living for themselves and their families could reduce the time women spend in poor health by almost two-thirds.

It may also improve the health outcomes and daily lives of over 3.9 billion people, and add $1 trillion to the economy annually by 2040, the report said.

“Our analysis demonstrates that addressing the women’s health gap and investing in women’s health must be a priority for every country,” said Shyam Bishen, Head of the Centre for Health and Healthcare at the World Economic Forum, in a statement.

“Beyond improving women’s quality of life, ensuring women have access to innovations in healthcare is one of the best investments that countries can make for their societies and their economies,” Bishen said.

According to the report, women on average spend 25 per cent more of their life in poor health than men. Closing the health gap facing women globally could lead to a 1.7 per cent increase in per capita GDP, with every $1 invested in these efforts potentially unlocking $3 in economic growth.

It urges for greater access to gender-specific care and calls on industry leaders to create new financing models and innovative business policies, with broad multi-sector collaboration highlighted as a crucial step towards achieving these goals.

In response to the report findings, and to bridge the women’s health gap, the WEF has launched the Global Alliance for Women’s Health -- a multi-sector global platform that is centred on evidence that investing in women’s health would not only improve billions of individual lives, but provide a revolutionary economic boon for societies and economies as a whole.