Around $2 trillion (AED7.4 trillion) could be added to the Middle East and North Africa (MENA) economy if women’s participation in the workforce is increased, according to PwC.
The consulting firm’s study looked at the challenges women face in achieving their career ambitions in this region. While it says women in the MENA have made unprecedented gains in recent years, there is still much more to do.
“Their progress is momentous, but the region has yet to reap the full potential of women in the workforce,” stated the report, titled MENA Women in Work Survey 2022: Young Women, Powerful Ambitions.
Given the diversity of the countries, economies and populations across the MENA region, the consultancy firm calls for a targeted approach to address the barriers holding so many young women back.
Its analysis shows that increasing the share of women in work in MENA to match the male employment rate could increase gross domestic product (GDP) by 57 percent, or as much as $2 trillion.
Of the women polled for the study, the majority (94 percent) said they prefer a balance in work and personal life and taking part in training and development to advance in their career.
However, only 62 percent of them agree that their employer provides them a satisfactory work-life balance and training and development opportunities.
“Releasing the pent-up talent of the next female generation is a strategic and economic imperative to ensure the region can compete on equal terms internationally in a rapidly changing world,” the PwC report added.
About 84 percent of women also aspire to land leadership roles in their fields.
“Identifying, developing, promoting and retaining women is essential for the success of our business and our region more broadly,” said Hani Ashkar, PwC Middle East Senior Partner.
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