Women’s workforce participation in member countries of the Organisation for Economic Co-operation and Development reached 72.7% in 2023. This continues an upward trend that could add $4.5 billion to the annual gross domestic product if sustained, according to PwC’s Women in Work 2025 report.
From 2011 to 2023, the female participation rate in OECD countries increased by 6.4 percentage points. As women workers signify an expanded and diverse labor force, with workers allocated across various occupations and economic sectors, the report also suggests a positive correlation with productivity and consequently to GDP growth.
In fact, improvements in workforce participation led to productivity gains of 0.30% per annum or 3.59% throughout the study period. Maintaining this steady uplift over the next five years could lead to an aggregate increase of $31.5 billion by 2030.
The report also looked at the following five indicators of gender equality: female participation rate, participation rate gap, female unemployment rate, female full-time employment rate, and gender wage gap. Alternatively, it found that closing the participation gap between men and women led to a productivity uplift of 0.22% per annum and 4.46% throughout the period, which translates to a GDP boost of $3.4 billion per annum for OECD countries.
Other interesting findings from the report include:
- Following the historical rate of progress throughout the study period, it would take more than 46 years to close the gender pay gap across the OECD.
- Significant participation rate gaps appeared during the stages of career advancement/caregiving (age 35-44) and pre-retirement/pension gap (age 55-64). Health, caregiving responsibilities, and financial insecurity are some factors that may lead women to withdraw from the labor market during these stages.
- The OECD experienced increased participation rates for both men (81.5%) and women (72.7%). The participation rate gap in 2023 was 8.8%.
While the Cayman Islands is not an OECD member, the findings of PwC’s Women in Work report remain highly relevant to businesses operating in the jurisdiction.
As an international financial services centre, Cayman’s economy is closely linked to OECD markets through its financial services sector, multinational firms, and investor networks. Increasing female workforce participation could enhance productivity and economic resilience, particularly in industries where Cayman competes on talent and innovation.
For businesses, the data underscores the importance of policies that support gender equality — such as flexible work arrangements, career advancement opportunities, and pay equity — not only as a social imperative but also as a driver of long-term economic growth.
