Clinton: Women Key to Economic Growth

Posted September 16th, 2011 at 6:50 pm (UTC-5)
Leave a comment

U.S. Secretary of State Hillary Clinton says women are the key to economic growth around the world.

Secretary Clinton made the remark Friday in San Francisco before participants attending an APEC Women and the Economy Summit.

The top U.S. diplomat called for the removal of legal and social restrictions that limit women's potential, noting that in some places, women cannot inherit property or businesses owned by their fathers. She said some women are subject to different taxes than men, are too often denied access to credit and may be barred from opening bank accounts, signing contracts or filing lawsuits without a male guardian.

The secretary of state said these barriers, whether formal or informal, erode women's abilities to fully participate in their economies and support their families whether as employees or entrepreneurs. She also said when everyone has a chance to participate in the economic life of nations, “we can all be richer.”

Secretary Clinton made note of a Boston Consulting Group study which found that globally, women will control $15 trillion in spending by the year 2014 and be responsible for two-thirds of consumer spending worldwide by 2028.