Clockwise from top left: Margaret Mumbua, a domestic worker in Nairobi, Kenya washes clothes (photo: Allan Gichigi/Oxfam); A woman works in a garment factory in Hanoi, Vietnam (photo: Eleanor Farmer/Oxfam); A woman speaks at an event in Morocco held to encourage women's political participation (photo: Ellie Kealey/Oxfam); Flonira Mukamana works on her tree tomato plantation in Musanze District, Rwanda (photo: Aurelie Marrier d'Unienville/Oxfam).
AN ECONOMY THAT WORKS FOR WOMEN Achieving women's economic empowerment in an increasingly unequal worldWomen's economic empowerment could reduce poverty for everyone. In order to achieve it, we need to first fix the current broken economic model which is undermining gender equality and causing extreme economic inequality. The neoliberal model has made it harder for women to have better quality and better paid jobs, address inequality in unpaid care work, and women's influence and decision making power is constrained. To achieve women's economic empowerment, we need a human economy that works for women and men alike, and for everyone, not just the richest 1%. Women's economic empowerment requires the creation of decent, quality work opportunities with fair pay, and an increase in women's decision making power.2 It is vital for fulfilling women's rights, reducing poverty and achieving broader development goals. To end extreme poverty will take much more than just money. But gender inequality in the economy costs women in developing countries $9 trillion a year 3 -a sum which would not only benefit women but would unleash new spending power across communities and provide a massive boost to the economy as a whole.However, progress in making women equal to men in the economy is painfully slow, and women are still more likely than men to live in poverty. 4 Across the world, women consistently earn less than men and are concentrated in the lowest-paid and least secure forms of work. 5 Globally, the average gender pay gap is 23 percent 6 and 700 million fewer women than men are in paid work. 7 The World Economic Forum has warned that instead of improving in 2016, gender inequality in the economy reverted to where it stood in 2008. 8 At the current rate of progress, it will take 170 years for women and men to be employed at the same rates, paid the same for equal work, and have the same levels of seniority. 9 Clearly, a structural change is needed.Evidence shows that although gender equality supports economic growth, not all economic growth supports gender equality. 10 Our current economic model is