Strengthening the care economy: Benefits for developing countries

• by Atulya Mishra, Sonal Jaitly, Mann Soni and Dr. Sheetal Prasad
• Nov 29, 2023
• 1 min
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A robust care economy is crucial for developing nations as it promotes gender equality and drives inclusive economic growth. Through an increased number of women in the workforce and improved training, wages, and working conditions in the care industry, governments and the private sector can create a stronger care economy. MSC has worked with a range of stakeholders, simplified childcare models, and provided recommendations to accelerate the development of a vibrant care economy.

A robust care economy offers two significant benefits for developing nations. It promotes gender equality and facilitates inclusive economic growth. Nations can create a stronger care economy through an increased number of women in the workforce, improved quality of care training and skill development, increased wages in the care industry, fair working conditions, enhanced family well-being, and women empowerment. This goal is reflected in the intentions and commitments shown by governments through policies and programs and by the private sector through programs. MSC, through its extensive work with policymakers, care service providers, and other stakeholders, not only simplifies the prevalent childcare models but also suggests strategies to accelerate the development of a vibrant care economy.