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Redirect migrant workers subsidy to empower women in the economy

by Steven Sim - 08/03/2016
 
"With a sustained low oil and key commodity prices and the reduction of private consumption, our economy is set to go into a slowdown in the next one to two years. The World Bank at the end of last year revised its own......."
 
MP SPEAKS Happy International Women¡¯s Day.

With a sustained low oil and key commodity prices and the reduction of private consumption, our economy is set to go into a slowdown in the next one to two years. The World Bank at the end of last year revised its own projection of 4.7 percent gross domestic product (GDP) growth for 2016 and 5.0 percent for 2017 to 4.5 percent for both years. (Source: World Bank Malaysian Economic Monitor, December 2015, pg. 19) HSBC in its January 2016 report projected even a lower growth rate for 2016 at 3.6 percent.

The federal government¡¯s own forecast is between 4-5 percent.

For every 10 women in the working age, only five are actually working

In this situation, the government should do more to create jobs and encourage women to participate in the workforce. While women made up 50 percent of our population, they are only about 40 percent of our total workforce.

Female labour force participation rate (LFPR) is also very low at about 53.6 percent. Compare this to male LFPR at 80.4 percent.

This means, for every 10 women who is in the working age only five are actually working; while for every 10 men, eight are working. In other words, we are only utilising half of our women¡¯s power!

Empowering women is good economics

The World Economic Forum¡¯s Global Gender Gap Report in 2014 confirmed ¡° a correlation between gender equality and GDP per capita, the level of competitiveness and human development... consistent with the theory and mounting evidence that empowering women means more efficient use of a nation¡¯s human capital endowment and that reducing gender inequality enhances productivity and economic growth.¡±
 
More Details: https://www.malaysiakini.com/news/333173
 
 
 
 
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