World of Women
Hillary Clinton: Women drive the global economy
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The growth of the world economy is being stunted because of the restrictions placed on women's participation in the workforce, US Secretary of State Hillary Clinton declared on Tuesday.
Speaking at a conference in Peru's capital Lima, Clinton called on policymakers to help facilitate women's workforce participation, arguing that during times of economic turmoil women are the "engines" of global economic growth.
Workplace restrictions "are costing us massive amounts of economic growth and income in every region of the world," she said.
"We now know, thanks to hard data and scientific studies, that women are the engine for world economic growth," Clinton said. In Asia alone, the lack of female participation cost the economy $40 billion dollars in potential GDP.
Clinton also urged countries to end laws that create obstacles for women entrepreneurs, and to help equip them with the tools necessary to grow their businesses.
She cited the work of LuzmilaHuarancca who "creates beautiful, embroidered cloth from the Andean highlands". Ten years ago, Huarancca won a grant from USAID and Peru that helped her transform her skills into a small business that eventually grew into an "award-winning enterprise".Huarancca has gone on to train a network of over 800 women across different communities.
"That's how quickly in today's interconnected economy one woman with a needle and thread can give hundreds of women quality jobs, literally stitching new hope into their families' futures and economic growth for their country."Click here to read Clinton's full speech