by Sima Shakeri
Originally published: June 29, 2017
Canada can add $150 billion to its economy by 2026 if it takes steps to combat gender inequality, according to a new report from the McKinsey Global Institute (MGI). This number jumps to $420 billion if Canada eliminates the gender gap completely.
This reflects a 0.6-per-cent increase to the country's annual GDP and is 6 per cent more than the projected GDP in 2026, if no changes are made. To put it into perspective, the report notes the increase would be like giving Canada an extra financial services sector. Growth for the provinces would jump from anywhere between 0.4 and 0.9 per cent. To achieve this goal, 600,000 additional jobs for women would have to be created.
"We didn't assume that would close the gender gap, just what we think is achievable," Andrew Pickersgill, a managing partner of McKinsey & Co. Canada told The Globe and Mail. "The real context around the Canadian economy is that if you look at the last 50 years of GDP growth in this country, more than half of that has been labour participation growth ... So immigration and women entering the labour force."