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Is Womenomics Working?
Across the developed world, Japan stands out as the country facing the highest risk that demographic trends will cut into future growth. To prevent a disastrous decline in living standards, the country must double down on its efforts to achieve gender parity and inclusion in all economic sectors.
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TOKYO – When I first introduced the concept of “Womenomics” in a Goldman Sachs report 20 years ago, I argued that Japan’s need for greater gender diversity and inclusion was as much an economic as a cultural or social issue. After all, labor, capital, and productivity are the three determinants of growth, and Japan had a shrinking population and finite capital. Without radical measures to shore up the supply of labor, the country could end up with declining productivity and potential growth rates, and eventually falling living standards.