Alliance for Women’s Health could help boost global economy
A new World Economic Forum report finds that closing the health gap would improve women's health, enabling them to participate more actively in the workforce and lead to a 1.7% increase in per capita GDP.
The World Economic Forum (WEF) unveiled a report, Closing the Women’s Health Gap: A U$1 Trillion Opportunity to Improve Lives and Economies in collaboration with the McKinsey Health Institute.The report emphasises the transformative impact of narrowing the women’s health gap on global well-being and economies. By addressing health disparities that affect or disproportionately impact women, the initiative aims to reduce the time women spend in poor health by nearly two-thirds, enhancing the lives of over 3.9 billion people and contributing an annual U$1 trillion boost to the global economy by 2040.
Shyam Bishen, Head of the Centre for Health and Healthcare at the WEF, stresses the urgency of prioritising women's health globally, emphasising its positive impact on both the quality of life for women and economic prosperity.
The report reveals that women spend 25% more of their lives in poor health than men, indicating a correlation between better health and economic growth. Closing the women's health gap could result in a 1.7% increase in per capita GDP, with every U$1 invested potentially unlocking U$3 in economic growth.
Responding to the report, the WEF has launched the Global Alliance for Women’s Health, a multi-sector global platform. This initiative is centred on evidence that investing in women’s health will not only benefit individuals but also revolutionise economies and societies. The alliance has garnered interest from 42 organisations, including government leaders, private sector representatives, and philanthropic entities. These partners commit to advancing the alliance's priorities across three pillars: financing, science and innovation, and agenda-setting.
Key commitments include Tower Capital Group's intention to commit over U$25 million in 2024 for generational and women’s health, Rotary International's U$30 million initiative for disease prevention and maternal and child health, and an open letter signed by 40+ partners led by Kearney to redesign healthcare with women in mind.
The Global Alliance for Women’s Health will be guided by a multi-sector governing board featuring world leaders from diverse stakeholders. Co-chairs Nisia Trindade Lima and Anita Zaidi will lead the board, which includes representatives from UNICEF, Siemens Healthineers, the National Academy of Medicine, and more.
The alliance marks a commitment to prioritise and close the health gap for women, with an open invitation for all WEF members to join the initiative.