Women of the world, unite!

MUMBAI, INDIA: If all countries made rapid gender equality improvements, women would be able to contribute $12 trillion to the GDP in the next 10 years.

According to a new study by McKinsey Global Institute, the contribution is equivalent of the current GDPs of Japan, Germany and the UK combined.

The report titled, The power of parity: How advancing women's equality can add $12 trillion in global growth, examined 95 countries (accounting for 93 percent of the world's population and 97 percent of GDP) across 15 indicators covering gender equality on economic, social, legal, political, and physical measures.

Other key findings include:

• If every country met the gender equality standards of the best performer in their region, global GDP would increase $12 trillion by 2025

• If every country saw women reach parity with men on workforce participation, global GDP would increase $28 trillion

• Women only generate 37 percent of global GDP, despite representing half the world's working population

• 75 percent of global unpaid work is currently being done by women, worth an estimated $10 trillion a year

• More than half or 54 percent of the potential increase in GDP can come from increasing women's workforce participation

• The world could benefit from 240 million workers through higher female workforce participation

• Women make up just 22 percent of ministerial and Parliamentary roles worldwide

• 723 million women are affected globally by violence

The McKinsey report finds the path to gender equality can come through six interventions, which it determined after examining 75 potential interventions and 150 successful examples globally that have narrowed gender gaps.

These include:

•    Financial support and incentives;

•    Economic opportunity;

•    Capacity building;

•    Technology and infrastructure;

•    Laws, policies and regulations

McKinsey says that these interventions don't necessarily rely on governments (although that certainly helps) but can be pursued by businesses, NGOs, the community or via partnerships between all sectors.

Infact, the interventions should not be viewed as challenges or things that will get in the way of business as usual, but rather as opportunities for business that's better.

Anu Madgavkar, Senior Fellow, McKinsey, notes, “A number of other indicators are also essential, including education levels, financial and digital inclusion, legal protection and unpaid care work.”

“They're interventions that make good economic sense, things that will ultimately see more women enter and stay in the workforce,” the report states.