Gender equality is smart economics: World Bank

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Gender equality is smart economics as countries which create better opportunities and conditions for women can raise productivity and improve outcomes for children, the World Bank said on Sunday ahead of its annual meeting.

Gender equality can also make institutions more representative and advance development prospects for all, the Washington-based global lender said in its flagship report entitled "World Development Report 2012: Gender Equality and Development".

The report acknowledged that significant progress has been made in narrowing gender gaps in education, health and labour markets over the past 25 years, as disparities between boys and girls in primary education have closed in almost all countries.

In secondary education, these gaps are closing rapidly, and in many countries, especially in Latin America, the Caribbean and East Asia, it is now boys and young men who are disadvantaged, it said.

"We need to achieve gender equality," said World Bank President Robert Zoellick, adding that over the past five years, the bank has provided $65 billion to support girls' education, women's health, as well as women's access to credit, land, agricultural services, jobs and infrastructure.

Going forward, the bank will mainstream its gender work and find other ways to move the agenda forward to capture the full potential of half the world's population, Zoellick said.

"Blocking women and girls from getting the skills and earnings to succeed in a globalised world is not only wrong, but also economically harmful," said Justin Yifu Lin, chief economist and senior vice president of the World Bank.

"Sharing the fruits of growth and globalization equally between men and women is essential to meeting key development goals," added Lin.

The World Bank and its sister agency the International Monetary Fund (IMF) are scheduled to kick off their annual meetings later this month in Washington.