Secret of Thailand’s success (5.0)

A.Many people are asking why Asian economies have become so strong and active in recent years. There are several reasons such as young and growing populations, expanding cities, rising middle-class consumers, and open markets. Another important reason is the increasing role of women. The idea is simple: when women have more opportunities, the economy performs better. A recent survey by MasterCard International supports this idea. It compares the social and economic position of women and men in the Asia-Pacific region using four main indicators — employment, higher education, management positions, and income.

B.According to the survey, Thailand is the leading country for women’s progress. It received 92.3 points out of 100, where 100 means complete gender equality. The survey included 300 to 350 women in thirteen countries and also used national statistics. Malaysia ranked second with 86.2, and China came third with 68.4. The average score for Asia was 67.7.At the bottom of the list were South Korea (45.5), Indonesia (52.5), and Japan (54.5). Interestingly, these results are connected to their economic situations. Thailand, Malaysia, and China are all seen as Asia’s future economic leaders. Malaysia even has a female central bank governor, and China continues to influence global trade.

C.These three successful countries have one thing in common — a high level of female participation in the workforce. On the other hand, countries with lower scores often face serious problems such as high national debt and slow economic growth.Economic experts say that women play a key role in development. When more women take part in work and business, the economy becomes stronger. In contrast, nations that fail to use women’s abilities will face difficulties. For instance, South Korea grew quickly after the 1997–1998 Asian financial crisis, but later its growth slowed down because of heavy household debt and limited female participation.

D.It might not be a surprise that Korea also ranks low in the United Nations index of gender equality. In 2003, it was even behind countries like Honduras and Ukraine in terms of women’s economic and political power. If Korea allowed more women to join the workforce, its economy could grow faster. Japan faces a similar issue.The lack of working women is linked to Japan’s falling birth rate. The number of children per woman fell to 1.29 in 2003 and decreased again in 2004. This is a serious problem for an ageing nation that already struggles with public debt and pension costs. Many Japanese women delay having children because they don’t want to give up their careers.

E.In Japan, having a child often means ending a professional career. Until this changes, both the birth rate and economic growth will continue to fall. United Nations Secretary-General Kofi Annan said that no other policy can raise productivity more effectively than empowering women.Thailand seems to be moving in the right direction. Its economy has grown by more than 6% a year, and many key positions in banks are now held by women. For example, several deputy governors of the Bank of Thailand are female, and a woman leads one of the country’s biggest banks.Overall, the MasterCard survey shows that giving women more chances is not only fair, but also smart economics.