女性经济学5.0（中英文）

Since our initial Womenomics report in 1999, Japan now enjoys record female labor participation (71%) that surpasses the US and Europe, generous parental leave benefits, improved gender transparency, and labor reforms. Areas for improvement include: a dearth of female leaders, gender pay gaps, inflexible labor contracts, tax disincentives, insufficient caregiving capacity, and unconscious biases. However, the reward for persistence is potentially sizeable. Specifically, we estimate that closing the gender employment gap could lift Japan’s GDP by 10%, and in a “blue-sky scenario” where the ratio of female vs. male working hours rises to the OECD average, the GDP boost could expand further to 15%. No time to waste: Recommendations Suggested government policies include: more flexible labor contracts, gender pay gap disclosures, tax reforms, parliamentary gender quotas, promotion of female entrepreneurship, and looser immigration rules. For corporations: proactive career management, more flexible work environments, performance-based evaluations, gender target-setting, and male diversity champions. Society should dispel Womenomics myths, avoid gender role stereotypes in the media, and promote more women in STEM. Fortunately, tailwinds such as ESG investing and shifting millennial male attitudes should further advance Japan’s diversity agenda. Kathy Matsui +81(3)6437-9950 | kathy.matsui@gs.com Goldman Sachs Japan Co., Ltd. Hiromi Suzuki +81(3)6437-9955 | hiromi.suzuki@gs.com Goldman Sachs Japan Co., Ltd. Kazunori Tatebe +81(3)6437-9898 | kazunori.tatebe@gs.com Goldman Sachs Japan Co., Ltd.Japan Portfolio Strategy Womenomics 5.0: 20 Years On (Redacted)18 April 2019 | 8:18AM JSTwww.gs.com/research/hedge.html. Analysts employed by nonUS affiliates are not registered/qualified as research analysts with FINRA in the U.S.What’s changed, what hasn’t; potential 15% GDP boost The Goldman Sachs Group, Inc.PORTFOLIO STRATEGY RESEARCH | April 18, 2019 Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go towww.gs.com/research/hedge.html. The Goldman Sachs Group, Inc.What’s changed, what hasn’t; potential 15% GDP boost Since our initial Womenomics report in 1999, Japan now enjoys record female labor participation (71%) that surpasses the US and Europe, generous parental leave benefits, improved gender transparency, and labor reforms. Areas for improvement include: a dearth of female leaders,gender pay gaps, inflexible labor contracts, tax disincentives, insufficient caregiving capacity, and unconscious biases. However, the reward for persistence is potentially sizeable. Specifically, we estimate that closing the gender employment gap could lift Japan's GDP by 10%, and in a "blue-sky scenario" where the ratio of female vs. male working hours rises to the OECD average, the GDP boost could expand further to 15%. No time to waste: Recommendati