The Future of the Care Economy | World Economic Forum

#Ageingpopulation, #Healthcare, #Wellbeing

A well-designed care economy drives growth, equity, and resilience for the global economy.

The care economy is essential to global growth and equity. This white paper highlights the role of paid and unpaid care in sustaining human activity, while underscoring its untapped potential in job creation, social mobility, and economic development. Governments, businesses, and communities must collaborate to develop care infrastructures that support equitable workforce participation.

Investing in the care economy brings significant economic returns. Modelling shows that a 2% GDP investment in care could create millions of jobs, especially for women. Moreover, business involvement in care, including offering employee benefits and flexible working conditions, can reduce turnover and absenteeism, improving productivity and workforce stability.

However, care systems face challenges. There is an over-reliance on unpaid care, mostly provided by women, which constrains economic participation. The growing demand for care also outstrips current supply, stressing the need for targeted investments in care infrastructure, skilling, and policy frameworks to unlock the sector’s full potential.

This report presents successful government, business, and community-led practices, such as city-level care systems and care cooperatives, as models for scalable solutions. It calls for a collective effort to prioritize care as a key driver of economic growth, gender parity, and social inclusion.

Check the full document here: https://bit.ly/3zPAPve