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Advancing Women's Equality in Asia Pacific

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THE POWER OF PARITY: ADVANCING WOMEN’S EQUALITY IN ASIA PACIFIC APRIL 2018 AboutSince itsMGI founding in 1990, the McKinsey Global Institute (MGI) has sought to develop a deeper understanding of the evolving global economy. As the business and economics research arm of McKinsey & Company, MGI aims to provide leaders in the commercial, public, and social sectors with the facts and insights on which to base management and policy decisions. MGI research combines the disciplines of economics and management, employing the analytical tools of economics with the insights of business leaders. Our “micro-to-macro” methodology examines microeconomic industry trends to better understand the broad macroeconomic forces affecting business strategy and public policy. MGI’s in-depth reports have covered more than 20 countries and 30 industries. Current research focuses on six themes: productivity and growth, natural resources, labour markets, the evolution of global financial markets, the economic impact of technology and innovation, and urbanisation. Recent reports have assessed the digital economy, the impact of AI and automation on employment, income inequality, the productivity puzzle, the economic benefits of tackling gender inequality, a new era of global competition, Chinese innovation, and digital and financial globalisation. MGI is led by three McKinsey & Company senior partners: Jacques Bughin, Jonathan Woetzel, and James Manyika, who also serves as the chairman of MGI. Michael Chui, Susan Lund, Anu Madgavkar, Jan Mischke, Sree Ramaswamy, and Jaana Remes are MGI partners, and Mekala Krishnan and Jeongmin Seong are MGI senior fellows. Project teams are led by the MGI partners and a group of senior fellows, and include consultants from McKinsey offices around the world. These teams draw on McKinsey’s global network of partners and industry and management experts. Advice and input to MGI research are provided by the MGI Council, members of which are also involved in MGI’s research. MGI Council members are drawn from around the world and from various sectors and include Andrés Cadena, Sandrine Devillard, Richard Dobbs, Tarek Elmasry, Katy George, Rajat Gupta, Eric Hazan, Eric Labaye, Acha Leke, Scott Nyquist, Gary Pinkus, Sven Smit, Oliver Tonby, and Eckart Windhagen. In addition, leading economists, including Nobel laureates, act as research advisers to MGI research. The partners of McKinsey fund MGI’s research; it is not commissioned by any business, government, or other institution. For further information about MGI and to download reports, please visit www.mckinsey.com/mgi. Copyright © McKinsey & Company 2018 THE POWER OF PARITY: ADVANCING WOMEN’S EQUALITY IN ASIA PACIFIC Jonathan Woetzel | Shanghai Anu Madgavkar | Mumbai Kevin Sneader | Hong Kong Oliver Tonby | Singapore Diaan-Yi Lin | Singapore John Lydon | Sydney Sha Sha | Hong Kong Mekala Krishnan | Boston Kweilin Ellingrud | Minneapolis Michael Gubieski | Melbourne PREFACE Advancing women’s equality in work and society and Rakesh Mohan, senior fellow at the Jackson Institute represents one of the most sizable economic for Global Affairs at Yale University and distinguished opportunities for the world. McKinsey & Company has fellow at Brookings India. We are also grateful to the been researching, publishing, and helping shape action advisers who have worked with us regularly on our on gender diversity for more than a decade, and the “power of parity” series, namely Jeni Klugman, fellow, McKinsey Global Institute (MGI) has contributed to this Kennedy School of Government’s Women in Public Policy important issue with its research series on the “power Program, Harvard University, and managing director, of parity”. Georgetown Institute for Women Peace and Security; and Henriette Kolb, head of the Gender Secretariat, In September 2015, MGI published a global report, The International Finance Corporation. power of parity: How advancing women’s equality can add $12 trillion to global growth. Since then, we have This report would not have been possible without the issued reports on the power of parity in Canada, India, the expert input, advice, and help of numerous leading United Kingdom, the United States, and Western Europe, voices on these issues. We would like to thank Georgette as well as research on what it will take to deliver gender Tan Adamopoulos, group head, communications, Asia parity globally. In this report, MGI explores the challenge Pacific, Mastercard Worldwide; Willem Adema, senior of gender inequality in Asia Pacific, one of the most economist, Organisation for Economic Co-operation economically dynamic regions in the world, and an engine and Development; Vasuta Agarwal, vice president of global growth. and general manager, India, InMobi; Alison Aggarwal, director, Women’s Economic Security, Office for Women; This research was led by Jonathan Woetzel, a director of Amelia Agrawal, Asia partner and channel marketing MGI and senior partner of McKinsey, based in Shanghai; director, Microsoft; Stevia Angesty, co-founder, Feel Well Anu Madgavkar, an MGI partner based in Mumbai; Ceramics; Patricia Apps, professor of public economics, Kweilin Ellingrud, a partner based in Minneapolis; and University of Sydney Law School; Alice Au, board Mekala Krishnan, an MGI senior fellow based in Boston, member, Spencer Stuart; Natalie Au, formerly of the along with Kevin Sneader, chairman of McKinsey’s Council on Foreign Relations; Marian Baird, professor of offices in the Asia Pacific region, and McKinsey senior gender and employment relations, University of Sydney partners John Lydon in Sydney, Sha Sha in Hong Kong, Business School; Jennifer Baxter, senior research Oliver Tonby in Singapore, and Diaan-Yi Lin in Singapore. fellow, Australian Institute of Family Studies; Daiana Michael Gubieski, a consultant in Melbourne, led the Beitler, philanthropies director for Greater Asia and the working team, which comprised Alice Hudson, Nigel Lee, Pacific, Microsoft; Analisa Belares, CEO, Womensphere; James Oliver, Catherine Peralta, and Phillippa Radford. Deborah Brennan, professor, University of New South We are grateful to a number of McKinsey colleagues Wales; Elizabeth Broderick, former sex discrimination who were closely involved in this research and provided commissioner (2007–15), Australian Human Rights invaluable insight into the seven countries highlighted in Commission, convenor and founder of Male Champions the report. They are Rishi Arora, Anders Bärlund, Jules of Change, and special rapporteur, Working Group Carrigan, Jenny Cermak, Kaushik Das, Namrata Dubashi, on Discrimination Against Women, UN Human Rights Emma Dudley, Ellen Feehan, Vidhya Ganesan, Guillaume Council; Doreen Buettner, programme specialist, UN de Gantès, Rajat Gupta, Shishir Gupta, Rachel Howard, Women Indonesia; Avic Caparas, associate professor, Corinne Johnson, Peter Kenevan, Nick Leung, Guang University of Asia and the Pacific; Melinda Cilento, chief Li, Suraj Moraje, Joe Ngai, Tracy Nowski, Vivek Pandit, executive, Committee for Economic Development of Kristine Romano, Yukiko Sakai, Miki Sarumaru, Himanshu Australia; Ryce Chanchai, programme specialist, UN Satija, Jeongmin Seong, Tanya Sharma, Ben Vatterott, Jin Women; Tania Coltman, deputy chief of staff to the Wang, Kenji Watatani, Phillia Wibowo, Naomi Yamakawa, Minister for Women, Australia; Deepa Das, independent and Fadhilah Zamawi. programme development professional, UNICEF India; We are grateful to the academic advisers who helped Sharon G. Dayoan, vice chairman and head of audit, shape this research and provided challenge and insights KPMG, Philippines, and founding member, Filipina and guidance: Laura Tyson, professor of business CEO Circle; Xiao-yuan Dong, professor, University administration and economics and director of the Institute of Winnipeg; Helen Duce, leader, Lean In Singapore; for Business and Social Impact, Haas Business and Kathryn Fagg, board member, Reserve Bank of Australia, Public Policy Group, University of California at Berkeley; and president, Chief Executive Women; Annika Freyer, Virginia Tan, co-founder, She Loves Tech, Lean In China; CEO, Male Champions of Change; Debjani Ghosh, Jill Tang, co-founder, Ladies Who Tech; Julie Taylor trustee, NASSCOM Foundation, and honorary adviser, Broussard, country programme manager, UN Women; Federation of Indian Chambers of Commerce and Uma Thana Balasingam, co-founder, Lean In Singapore; Industry Science and Technology/Innovation Committee; Fraser Thompson, director, AlphaBeta Advisors; Tsukiko Jane Golley, associate professor, College of Asia and Tsukahara, vice president, Catalyst Japan; Astrid S. the Pacific, Australian National University; Geeta Rao Tuminez, regional director, corporate, external, and Gupta, executive director, 3D Program for Girls and legal affairs, Microsoft Southeast Asia; Valentina Y. D. Women, UN Foundation; Sotera B. de Guzman, OIC- Utari, researcher, The SMERU Research Institute; Ariane division chief, Philippine Statistics Authority; Jianbin Hao, Utomo, research fellow, Crawford School of Public director, Entrepreneurship and Employment Research Policy, Australian National University, and labour market Center, Alibaba Research Institute; Elizabeth Hill, senior economist, Australia Indonesia Partnership for Economic lecturer, University of Sydney, and co-convenor, Work + Governance; Maria-Noel Vaeza, director, Program Family Policy Roundtable; Shachi Irde, executive director, Division, UN Women; Emmeline L. Verzosa, executive Catalyst India WRC; Kae Ishikawa,
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