Feb 1, 2010

Women's Work: Entrepreneurs Can Revitalize the Global Economy

The Center for Women's Business Research study shows that there are about 8 million women owned enterprises in the US. Those businesses have an annual impact of nearly US$3 trillion dollars and create or maintain more than 23 million jobs.

Wordlwide women own or operation 25% to 33% of all private businesses, according to the World Bank.Academics, policy makers and business leaders around the world assert that long-term economic growth requires the expanded participation of women in the workforce.

But women face some very gender specific obstacles when it comes to doing business. In many countries they still grapple with discriminatory laws. Economic, legal and cultural obstacles can stand in the way of significant progress.

Women entrepreneurs have distinctive needs. More access to both capital and business networks can make the difference they need to really scale up and drive economic revival.

The good news is that certain programs and actions have been initiated and are making a difference:

• The World Bank's Doing Business project has launched a two-year research program to identify and recommend reforms to eliminate the legal and regulatory barriers facing women
• The Declaration on Fostering Women's Entrepreneurship in the Middle East and North Aftica, calls for a targeted and integrated support approach to help women start new businesses and create employment.

Posted in: Business, World Affairs