Womenomics in Bangladesh perspective
In 2013,Japanese Prime Minister ShinzoAbeintroduced "Womenomics" with one elementaryfocus: to upgrade better conditions for women who work. Womenomics means (Women + Economics). Japan launches "womenomics" to jetton the country's aging workforce and augments GDP. It is a core pillar of the nation's growth scheme, accepting the power of women's economic participation todecreasestatistical challenges that threatened the Japanese economy.
Womenomics is a master plan that Japan can uplift its economy by engaging more women into the workforce and welfare women with jobs and salaries that match their skills, talents, and dreams. Now the question occurs why the Japanese government took this initiative? The response is that, albeit Japan is one of the wealthy countries in the world. After better than 20 years of slow growth, it faces a recent challenge, not sufficient workers.
In 2020, Japan's real GDP growth rate (-4.83) was a matter of concern. In elementary terms, this means that Japan's companies will not be able to produce and sell as much as they would like, and the less they will procure and sell, the less will be supported to Japan's economic growth. In 2013, Japan's workforce participation rate was 63percent for women, compared with 85percent for men. In 2019, the female workforce participation of Japan was 53.56 percent (globally ranked 94).
Bangladesh was the seventh fastest-growing economy in the world with 8.3percent real GDP annual growth. In GDP(nominal value), it is the 37th largest and GDP(PPP), it is the 31st largest in the world.Bangladesh is the 8th largest country in the world by population 162,650,853. One reason for this disappointing growth rate is women's participation in Bangladesh's economic activities.
The rate is low as well as 36.37 percent (globally ranked 154) as correlated to the world average of percent. But in 2020, the real GDP growth rate of Bangladesh was 3.79, which is laudable. Bangladesh ranked 5th in real GDP growth rate in the world economy, where Japan ranked 105.So, to generate the country's economy, rich countries, emerging countries, developing countries are taking initiatives to enroll in women's participation in the labor force.
Bangladesh is not extraordinary, but the actions taken by the Bangladesh government did not execute well. A policy like Womenomics should apply in Bangladesh as women become determined by working outside beside their typical performance. According to developed and developing nations, Womenomics is a prime factor for their economic progress and prosperity.
Despite many limitations and programs inaugurated by the government of Bangladesh, women's participation in the country's economic activities has not increased as much as it should have. Women should come, grip initiative, and accept the possibility of taking up jobs according to their qualifications. There is no confusion that there are difficulties for women in workplaces. One reason for the low rate of women's participation in the abundant gender pay gap percent.
How do we surmount the problem in a free market economy? The solution to this issue is the higher rate of women's participation in the country's economic activities."In fact, for Asian economies, aging labor force which now appears to retrieve their captioninclusive share, inspiring greater female participation in their only option in increasing prospective improvement from the labor input outside of the equation," ANZ economist Eugenia Victorino said.
Based on this year's recommendations, the world will not accomplish full gender equality until 2085, unless the pace of change increases. The document, Voice to Choices: Bangladesh's journey in Women's Economic Empowerment finds women's participation in the workforce is less than half of that of men in Bangladesh, and the country can become more congenial more swiftly if more women get work with elevated quality and higher-paid jobs. Over one-third of women in the labor force and outstanding family helpers.
Bangladesh has made great marches towards creatinggender equality in many areas of health and education. But women compel more economic empowerment, said Robert Saum, Acting World Bank Country Director for Bangladesh and Bhutan. Bangladesh's female labor force participation (36.37 percent) is lower than that of Nepal (81.52 percent) and Vietnam (72.73 percent), and lifting economic and social barriers will help Bangladesh unlock a significant part of the county's productivity.
Vietnam has one of the highest female labor force participation rates in the world (ranked 14)-report by (The Economist 2019). Some 79percent of women aged 15 to 64 are in the labor force compared with 86 percent of men. The female labor force participation rate of Vietnam reports for 48.4percent of the country's labor force and creates 40 percent of the nation's national income.
Women's participation in the economic activities of Bangladesh is helping to fuel the country's economy. Female employment in Bangladesh is still primarily concentrated in the agricultural sector, with a continuous increase in the service sector as the general trend. Their contribution in the agriculture sector is about 65percent, close to 22percent in the service sector, and 13.32percent in the industry. The RMG industry has a massive incursion of the female labor force in current times (approximately 60percent of 4.1 million RMG workers are female).
Women's economic empowerment is a reasonable thing to do. A commonly cited McKinsey Global Institute study advocates that closing gender gaps in labor force participation rates, part-time versus full-time work, and the composition of employment would add 12-25percent to global GDP by 2025 (WEF,2017). Economic inclusion empowers women to make meaningful and strategic decisions on their holding and surrender their potential through investment in health and education.
Bangladesh can encounter all economic barriers by strengthening women's participation in the workforce. Japan and Vietnam can be the precedent of Bangladesh's economic development. Bangladesh can follow the strategies by taking lessons on how those countries are driving women and increasing their engagement in the trading sector which can reduce not onlygender inequality but also can increase economic development.
The writer is Ph.D. Student, Department of Economics, University of Chittagong