Care economy is a fundamental economic growth strategy
The article argues that the 'care economy'—the unpaid labor of caring for children and the elderly—is a critical, often overlooked pillar of economic growth. It suggests that policymakers must integrate care infrastructure into economic strategy to enable higher workforce participation, particularly for women.
Why it matters
Addressing the care economy is essential for sustainable economic development in rapidly aging societies across Asia.
What if one of Asia’s biggest barriers to economic growth is something that barely appears in the national accounts?
Across Asia, millions of women are unable to take up a job, work longer hours or pursue a career because someone must care for a child, an ageing parent or a family member. We tend to call this a family matter. Or a women’s issue. Or a social welfare challenge. It is all of these, but it is also something more fundamental: an economic issue.
An economy cannot reach its potential when much of its workforce is constrained because the basic infrastructure of care is missing. Nor can an ageing Asia sustain productivity and living standards if families are expected to absorb ever-growing care responsibilities. The care economy must, therefore, move from the margins of social policy to the centre of economic policy.
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