Does Gender Equality Support Women-led Economic Growth in G20 Countries?

Abstract

This study examines the possible validity of the women-led growth hypothesis in G20 countries in a panel data analysis framework. The study is justified based on theoretical as well as empirical observations that countries around the globe are yet to achieve gender equality and full women’s empowerment, despite the existence of potential for a positive contribution of gender equality to economic growth. Estimating a PMG-based panel ARDL model over a time span of 1997–2022, this study provides empirical evidence of the long-run possibility of women-led economic growth in G20 countries, along with evidence of the converging tendency of short-run deviations. The significant drivers of women-led growth in G20 countries include women’s education, health, employment and participation in political decision-making. This finding is crucial for policymaking for promoting economic growth in G20 countries via gender equality and women empowerment.

Keywords

Gender equality women empowerment economic growth ARDL model G20 countries

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