Empowering Economies Through Womenomics: Unleashing Growth and Equality

 Womenomics

Womenomics is an economic concept that emphasizes the positive impact of women's economic empowerment on the overall economy. Coined by Kathy Matsui, an economist at Goldman Sachs, the term gained prominence in Japan but has since been applied more broadly to other countries as well. The basic premise of womenomics is that by increasing women's participation and representation in the workforce, economies can unlock significant potential for growth, productivity, and innovation. It recognizes that women's economic empowerment is not only a matter of gender equality but also an economic imperative.

In my understanding, womenomics refers to an economic approach that recognizes the significant potential for economic growth and development by empowering women and increasing their participation in the workforce. It emphasizes that gender equality is not only a social issue but also an economic imperative, as women's economic empowerment can have positive impacts on productivity, innovation, and overall economic performance. When it comes to applying the concept of womenomics to Taiwan, there are several key aspects to consider. Taiwan has made considerable progress in promoting gender equality and women's empowerment, and there is evidence to support the positive impact of these efforts on the economy.

Womenomics in Taiwan

Taiwan has witnessed a rise in female labor force participation over the years. According to data from the Directorate-General of Budget, Accounting and Statistics (DGBAS) of Taiwan, the female labor force participation rate increased from 47.8% in 2000 to 52.5% in 2019. This upward trend indicates progress in creating more opportunities for women to contribute to the economy. Efforts have been made to address the gender wage gap in Taiwan. The gender pay gap decreased from 15.5% in 2000 to 13.1% in 2019, according to DGBAS data. While there is still room for improvement, this reduction indicates steps toward achieving greater pay equity and recognizing the value of women's contributions in the workforce.

Taiwan has also seen an increase in the representation of women in leadership roles. For example, the Taiwan government has set targets to increase the proportion of women on boards of directors in listed companies. As of 2021, the percentage of female directors in Taiwan's top 100 listed companies reached 14.67%, up from 10.08% in 2018, according to the Taiwan Stock Exchange. In addition, Taiwan has implemented various policies and initiatives to support women's economic empowerment. These include measures to promote work-life balance, provide affordable childcare services, and enhance access to education and training. For instance, the Taiwanese government has implemented the "5+2 Industrial Innovation Plan," which aims to foster industries that accommodate flexible work arrangements and promote women's participation in the labor market.

Taiwan Ranks No. 8 in Asia-Pacific Women Entrepreneurs Index

According to a report by the Mastercard Index of Women Entrepreneurs, Taiwan ranked 26th out of 57 countries globally and 8th in the Asia-Pacific region for women's entrepreneurial activities. New Zealand secured the top spot globally, while Singapore led in the Asia-Pacific region. The study revealed that women entrepreneurs tend to thrive in wealthier and more developed economies with better access to financial resources and supportive entrepreneurial conditions. Taiwan showed improvement in its ranking from the previous year but stood out in the sub-index of supporting entrepreneurial conditions, ranking 13th globally and 3rd in the Asia-Pacific region. The top 10 countries in the Asia-Pacific region for women entrepreneurs were Singapore, Australia, the Philippines, Thailand, Hong Kong, Vietnam, Taiwan, China, Indonesia, and Malaysia. 

The report indicates that women entrepreneurs tend to fare better in wealthier and more developed economies, which typically have higher scores in terms of women's knowledge assets, financial access, and entrepreneurial conditions. Among the top 30 countries, two-thirds are classified as high-income, seven as upper-middle income, and three as lower-middle income. However, the Philippines and Vietnam stood out as exceptions to this trend, surpassing Taiwan in their scores. In terms of supporting entrepreneurial conditions, Taiwan ranked No. 13 globally and No. 3 in the Asia-Pacific region, following Singapore and Hong Kong. The factors considered for this sub-index include ease of doing business, cultural perceptions of women entrepreneurs, quality of governance, and entrepreneurial supporting factors.

The top 10 countries in the Asia-Pacific region, according to the Mastercard Index of Women Entrepreneurs, were as follows:

• Singapore (score 69.2)
• Australia (68.9)
• The Philippines (68.0)
• Thailand (65.8)
• Hong Kong (65.8)
• Vietnam (65.5)
• Taiwan (63.6)
• China (62.5)
• Indonesia (62.4)
• Malaysia (61.9)

These rankings provide an overview of the environment for women entrepreneurs in different countries and highlight the areas where improvement is needed to further support women's entrepreneurial endeavors. That’s also one of the reasons choose this article for this journal. The article specifically focuses on women's entrepreneurial activities and the supportive environment for women entrepreneurs. This aligns perfectly with the concept of womenomics, which emphasizes the economic empowerment and inclusion of women in various aspects of the economy. 

In addition, the report is conducted by the Mastercard Index of Women Entrepreneurs, a well-respected organization in the field. The study utilizes rigorous methodologies to assess various factors and provide reliable rankings, adding credibility to the information presented. It also offers a comprehensive view by comparing the performance of different countries worldwide and within the Asia-Pacific region. This allows me to analyze and discuss the nuances and variations in women's entrepreneurship across different economies. Because of this article, I can explore the topic of womenomics through a specific lens of women's entrepreneurship, backed by credible data and analysis. It allows me to delve into the current landscape, challenges, and opportunities for women in business.

Development Projects in Taiwan with Pros and Cons

Advantages and disadvantages of development projects in Taiwan can vary depending on the specific project and its context. For example, development projects can contribute to Taiwan's economic growth by creating jobs, attracting investments, and stimulating various sectors of the economy. For example, infrastructure projects such as the High-Speed Rail (HSR) have boosted tourism, facilitated transportation, and generated economic activity along its route. The HSR has been successful in attracting tourists and improving connectivity. According to Taiwan's Tourism Bureau, the HSR has significantly increased the number of tourists visiting cities like Taoyuan, Taichung, and Kaohsiung.

Development projects can improve the country's infrastructure, leading to improved transportation, communication, and connectivity. This can benefit both businesses and the general population by facilitating trade, reducing travel times, and promoting overall efficiency. The Taipei Metro system, known as the MRT, has expanded significantly over the years, providing efficient and reliable transportation options for residents and visitors. It has contributed to reduced traffic congestion and improved accessibility within the Taipei metropolitan area.

Development projects often involve the adoption and integration of advanced technologies, which can enhance Taiwan's competitiveness in various industries. These advancements can lead to innovation, increased productivity, and the creation of high-value jobs. Taiwan's investment in the semiconductor industry and the establishment of semiconductor fabrication plants have positioned the country as a global leader in chip manufacturing. This has contributed to Taiwan's technological advancements and its status as a key player in the global tech industry.

However, these advantages do not come without costs. development projects can have negative environmental consequences, such as habitat destruction, pollution, and increased carbon emissions. Large-scale construction projects, urbanization, and industrial activities can exert pressure on natural resources and ecosystems. The construction of large-scale infrastructure projects like dams and power plants has faced opposition from environmental activists due to concerns over ecological damage and the displacement of local communities.

Development projects may result in the displacement of communities, particularly in cases where land is acquired or residents are relocated to make way for infrastructure or industrial projects. This can lead to social unrest, loss of cultural heritage, and inequality. The construction of the Taoyuan Aerotropolis, an urban development project near Taiwan's main international airport, has raised concerns about the potential displacement of local residents and the impact on traditional farming communities. Moreover, some development projects may face cost overruns and financial challenges, leading to increased public debt or a burden on taxpayers. Poor planning, corruption, or economic uncertainties can contribute to these issues. For example, the construction of the Fourth Nuclear Power Plant in Taiwan faced significant delays and cost overruns, leading to public discontent and calls for alternative energy solutions. Eventually, the project was suspended due to safety concerns.

References

• Focus Taiwan - CNA English News. (2023, February 2). Female participation in Taiwan’s politics at all-time high: Cabinet - focus taiwan. Focus Taiwan - CNA English News. https://focustaiwan.tw/politics/202302020013 

• Globalization101. (n.d.). Development and globalization. The LEVIN Institute. https://my.uopeople.edu/pluginfile.php/382937/mod_book/chapter/176361/glob101devandglob.pdf

• Insights. Goldman Sachs. (n.d.). https://www.goldmansachs.com/intelligence/pages/womenomics-5.0

• Making Taiwan a high-end production hub for Asia and an Advanced Semiconductor Manufacturing Center. Executive Yuan, R.O.C. (Taiwan). (n.d.). https://english.ey.gov.tw/News3/9E5540D592A5FECD/22199706-ce66-4e61-943c-1dc82d5be6ff 

• Setiawaty, D. A. & Virgianita, A. (2019). Implications of womenomics on the Relationship between Female and Male Workers in the Professional and Social Environment: A Preliminary Study. Universitas Indonesia. https://eudl.eu/pdf/10.4108/eai.24-10-2018.2289659#:~:text=Womenomics%20is%20a%20policy%20in,women%20to%20believe%20they%20are

• Taiwan labour force participation rate. Taiwan Labour Force Participation Rate, 1978 – 2023 | CEIC Data. (n.d.). https://www.ceicdata.com/en/indicator/taiwan/labour-force-participation-rate 

• Taiwan ranks No. 8 in Asia-Pacific women entrepreneurs index. (2018, March 8). Taiwan News [Taipei, Taiwan]. https://cd203dx1c-mp02-y-https-link-gale-com.proxy.lirn.net/apps/doc/A530365994/STND?u=lirn17237&sid=sru&xid=ceddaa8e

• What is womenomics? (2015). Japan Information Center/Consulate of General of Japan in New York. https://www.ny.us.emb-japan.go.jp/en/c/2015/04-Apr/japaninfo-2015-04/03.html#:~:text=Womenomics%20is%20the%20idea%20that,compared%20to%20other%20developed%20countries

• 國家發展委員會. (n.d.). National Development Council. 國發會全球資訊網(英文網). https://www.ndc.gov.tw/en/Content_List.aspx?n=BCDB1EECF95E18E2 

• 台北時報 (2022, August 27). NT$210bn infrastructure boost mulled. Taipei Times. https://www.taipeitimes.com/News/front/archives/2022/08/28/2003784280