Women helping one another will help Asia to grow

In the next 50 years, most economic growth worldwide will take place outside the G7 countries. But that's only half the story. Who are the people who will be the driving force for this growth? Many will be women. But, too often, conversations about growth ignore gender issues, despite the fact that women comprise 40 per cent of the global workforce and account for over US$20 trillion in consumer spending worldwide.

The question today is not whether women will continue to contribute to the global economy, but by how much - and where.

Although gender equality has been hailed as smart economics and necessary to realise an organisation's full potential, empowering women has been slow to catch on, especially in certain regions of the world, like Asia. This is particularly striking, given the important role women play in Asian economies in key manufacturing and service sectors, such as textiles, and back-office processing and call centres.

In addition, most microlending institutions aim the vast majority of their lending portfolio towards female borrowers. Female migrants - almost half of the world's migrant population - also contribute substantially to Asian economies by sending remittances home.

Yet, gender inequality is still pervasive in the region. Many women across Asia lack access to basic education, are left out of policy decisions affecting their families, and struggle to advance in their jobs. Women face significant challenges in starting a business and are often left behind as businesses internationalise.

While many of Asia's economies are booming, few women possess a seat at the decision-making table in politics or the economy. Although some women have risen to positions of political leadership in the region and may have served as role models, few have actively promoted women's empowerment and other issues. In terms of the economy, nearly half of the company boards across Asia still lack a single, independent woman director.