More women in workforce can bolster stock market, economy
Adding women to the workforce can be a boon to the stock market and economy, according to S&P Global CEO Douglas Peterson.
“In the United States itself—if it had continued with the same labor participation rate for women from 40 years ago until now—our economy would be 6 percent bigger—$1.6 trillion larger, $5,000 per capita larger in terms of our economy,” Peterson told FOX Business’ Maria Bartiromo on Friday. “The stock market would also be a lot bigger.”
S&P Global is launching a campaign on workforce inclusivity, which Peterson presented at the World Economic Forum in Davos this week.
“What we are launching now is a campaign called Change Pace that is trying to create a dialogue about having more women in the workforce,” he said.
Around the world, the economies that evolved the most in terms of women participation in the labor force are the Scandinavian countries Norway, Iceland, and Finland, according to Peterson.
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“The economies that have the most advanced approach to maternity leave, to paternity leave that have ways to provide health care that’s not just your neighbor or your grandmother,” he said. “These are the economies that have more women in the workforce.”
Peterson said the reason there aren’t more women personnel is because of social, cultural, and political issues around the globe. He is also putting the onus on companies to “build a strong pipeline” of women employees.