LONDON--(BUSINESS WIRE)-- Citi today released a Global Perspectives & Solutions (Citi GPS) report that focuses on, and engages with, women entrepreneurs around the world. Identifying key barriers to women entrepreneurial growth, the report quantifies the opportunities if those barriers were removed – providing targeted recommendations for the financial community, governments, and private sector. Access full report here, free access.
“Citi’s original analysis finds that achieving gender parity in business growth could add between $1.6-2.3 trillion to global GDP, the equivalent of 2-3% of global GDP,” says Ying Qin, Citi Global Insights, Sustainable Finance, amongst the report’s authors. “Our conclusions also highlight that closing the gap could also lead to substantial job creation, 288 – 433 million jobs globally’” she adds.
Kyla Gineitis, Citi Social Finance, says “From the United States and United Kingdom to Mexico and India, women across the globe have less access to financial services than their male counterparts.” Adding that, “Citi is committed to investing in opportunities for 15 million households, including 10 million women, globally by 2025”. Women entrepreneurs face barriers to entry and business growth, which include access to finance, networks, and markets, plus legal, cultural, and social constraints – suggesting an uneven playing field.
The COVID-19 pandemic has disproportionally impacted women entrepreneurs, especially in emerging economies where the barriers that women entrepreneurs face are even more acute. As countries around the world plan to build-back-better from the COVID-19 pandemic and resultant socio-economic shocks, the potential of women entrepreneurship should not be underestimated and could play a decisive role in the recovery.
“The rise of women entrepreneurship has profound impacts on families, economic growth, and society as a whole,” says Ida Liu, Global Head of Citi Private Bank. “We at Citi Private Bank are proud and committed to serve women entrepreneurs globally whose companies range from recent start-ups to venerable multi-generational businesses.” Women economic empowerment can have a multiplier effect across communities, leading to various social multipliers. Women tend to employ more females, providing additional economic benefits in addition to the numbers above, helping reduce inequalities.
Now is the time to drive awareness and catalyse action to empower women entrepreneurs and support the growth of their businesses. “As the world seeks to build back from the pandemic, transition to a low carbon economy and achieve the potential of the UN Sustainable Development Goals, we believe that building a gender-balanced playing field for entrepreneurs is critical,” concludes Andrew Pitt, Global Head of Research, Citi Institutional Clients Group.
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About Citi:
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220307005865/en/
Media contacts: Susannah Gullette – Citi Researchsusanna.gullette@citi.com Gabriel Morales – Citi Private Bankgabriel.morales@citi.com Franecsco Meucci – Citi Researchfranecsco.meucci@citi.com Belinda Marks – Citi Private Bankbelinda.marks@citi.com
Source: Citi