Why women will impact global economy as much as China By Beth Brooke, Special to CNN October 25, 2012 -- Updated 1131 GMT (1931 HKT) Barnard College students meet with potential employers at a career fair in September 2012. Over next decade, women's impact on global economy expected to be as significant as that of China or India. In Europe this week, issues around women's advancement and empowerment high on the agenda Over next decade, women's impact on global economy expected to be as significant as China or India Research shows improved gender balance in top positions contributes to better business performance GDP growth of over 5% possible for countries which increase female employment rates to the level of men Editor's note: Beth A. Brooke is Global Vice Chair of Public Policy at Ernst & Young. She has taken leading roles in a wide variety of women's civic and business organizations and was recently asked to serve on the International Council on Women's Business Leadership by U.S. Secretary of State, Hillary Clinton. She has made the Forbes "World's 100 Most Powerful Women" list four times and was Concern Worldwide's Woman of the Year in 2009. (CNN) -- Organizations today would never think of not investing in high growth markets like China and India. Yet they are still dragging their heels when it comes to investing in women, despite it being a win-win situation for the global economy, organizations and women themselves. This is not just a human rights issue -- it makes absolute business sense. Research conducted throughout the world shows gender balance in top positions contributes to improved competitiveness and better business performance. Beth Brooke, Global Vice Chair of Public Policy, Ernst & Young In Europe this week, issues around women's advancement and empowerment have been high on the agenda. The European Parliament's economic affairs committee voted down the nomination of Luxembourg's Yves Mersch to the European Central Bank board, calling for his candidacy to be withdrawn. It was a protest over the lack of women in top EU posts. Also, the EU's Justice Commissioner, Viviane Reding, who is intent to impose an EU-wide quota for women on supervisory boards, looks likely to have to go with a watered down proposal to be presented mid-November. Debate on these issues is important precisely because it puts the issue of gender inequality on the table. It draws attention to the danger of having so few women at the top and encourages focus on the improved business benefits of engaging women, for individual organizations and the economy as a whole. What is clear is that business leaders must commit to champion change Beth Brooke But business leaders cannot afford to be complacent and must demonstrate real progress. That's why I set up the CEO Champions initiative with our CEO, Jim Turley, and the Women's Forum for the Economy and Society. Change needs to be driven from the top of organizations, and peer groups like CEO Champions are so important because they are designed to create and gradually expand a group of leaders to act as champions of women's empowerment, helping to achieve what I like to call "visibility with teeth." What makes our peer group unique is our ability to take a strong leadership role in the broader global business community and form powerful coalitions. Looking ahead, we have much to learn from other successful initiatives like the 30% Club in the UK and Male Champions of Change in Australia. It is only through engaging with other groups and establishing greater visibility for CEO Champions that we can drive real change. What is clear is that business leaders must commit to champion change -- to be transparent about their goals for change, to align their incentives systems to drive the change, and to make sure their work environments are flexible in a way that allows men and women who choose to work to be able to achieve all of their potential. If they don't champion that change, they will be doing so at their own peril and quotas will be a public policy hammer of last resort. Over the next decade, the impact of women on the global economy -- as producers, entrepreneurs, employees and consumers -- will be at least as significant as that of China's or India's one-billion-plus populations, if not greater. If women's economic potential can be successfully harnessed and leveraged, it would be the equivalent of having an additional one billion individuals in business and in the workforce contributing to the global economy. It's for this reason that Ernst & Young has been involved in the Third Billion global campaign, which unites governments, NGOs, corporations, youth and others to partner toward ensuring women's access to legal protection, education and training, finance and markets. There really is no longer any excuse to not be investing in one of the largest untapped economic engines Beth Brooke Just recently, Booz & Company published new data outlining compelling evidence that women can be powerful drivers of economic growth. Their estimates show that if female employment rates were to match male rates, overall GDP would grow significantly in the U.S. by 5%, in Japan by 9%, and in developing countries like Egypt by a massive 34%. The World Economic Forum also published their annual Global Gender Gap report -- the data suggests a strong correlation between those countries that are most successful at closing the gender gap and those that are the most economically competitive. Some companies are already investing in women and thereby betting on a brighter future -- for a workforce just waiting to blossom, for emerging economies whose development depends on this new talent, and, of course, for their own financial growth. In the current economic climate there really is no longer any excuse to not be investing in one of the largest untapped economic engines. You cannot flick a switch overnight but the private sector has a tremendous opportunity and responsibility to lead on these issues. October 17, 2012 -- Updated 1304 GMT (2104 HKT) British author Hilary Mantel has become the first woman to win the Man Booker Prize twice, after the success of her novel "Bring up the Bodies." On Day of the Girl, CNN spoke to some of the world's most remarkable women to find out: "Looking back, what one piece of advice would you give to your 15-year-old self?" October 11, 2012 -- Updated 1139 GMT (1939 HKT) Leymah Gbowee, the Liberian activist who last year won the Nobel Peace Prize, says she is disappointed with fellow winner Ellen Johnson Sirleaf. October 5, 2012 -- Updated 1930 GMT (0330 HKT) Battling frustration, solitude and the smell of fish and chips, Felicity Aston tells CNN how she become the first woman to ski solo across Antarctica. Drop the gender wars at work -- collaboration and communication are the key to business success, say Twitter chat participants. September 27, 2012 -- Updated 0909 GMT (1709 HKT) A growing number of women in business are flocking to Twitter for real-time advice, support and neworking. Here's why they're doing it. September 28, 2012 -- Updated 1745 GMT (0145 HKT) CNN is co-hosting a Twitter chat with the Young Female Entrepreneurs organization on Friday 28 September at 8pm PDT/11pm EDT/3am BST. If are planning on running away to join the circus, first you need to impress someone like Krista Monson, Cirque du Soleil's casting director. September 7, 2012 -- Updated 1500 GMT (2300 HKT) Olympic Gold medalist and a world record holder Tianna Madison helps young women find their personal strength and live with integrity. September 4, 2012 -- Updated 1426 GMT (2226 HKT) Every Paralympian has triumphed over adversity, but these eight women from all over the world are extraordinary even in this field. September 4, 2012 -- Updated 1518 GMT (2318 HKT) Pfizer's most senior physician, Freda Lewis-Hall, describes her job as a role that combines "the broadest potential impact" with "the deepest satisfaction." September 3, 2012 -- Updated 1116 GMT (1916 HKT) In the game of chess, Judit Polgar has dominated all others for more than 20 years. But, she says, after the birth of her first child, things fell apart. August 21, 2012 -- Updated 1546 GMT (2346 HKT) Queen of the one-liners: Remebering late comic Phyllis Diller through her funniest gags. August 23, 2012 -- Updated 1609 GMT (0009 HKT) It took Mercedes Erra a year to persuade Evian that babies rollerblading was a good way to advertise water. She did -- and the ad became a hit. August 8, 2012 -- Updated 0854 GMT (1654 HKT) A provocateur, whom critics have described as "the Lady Gaga of architecture," Zaha Hadid gave London the knockout Olympic venue. July 24, 2012 -- Updated 1601 GMT (0001 HKT) Sally Ride was the first American woman in space but that was far from her only achievement. July 20, 2012 -- Updated 0922 GMT (1722 HKT) CNN readers react to the news that new Yahoo CEO Marissa Mayer will work through her maternity leave. July 19, 2012 -- Updated 1014 GMT (1814 HKT) Former Google exec, Marissa Mayer, now became CEO of Yahoo. Here are some of the lessons that have helped Mayer on the way to the top. July 4, 2012 -- Updated 1035 GMT (1835 HKT) Ester Levanon, the head of the Tel Aviv Stock Exchange says women should do whatever feels right for them, not what society thinks is best. July 10, 2012 -- Updated 1641 GMT (0041 HKT) For Katrina Markoff, chocolate is not just chocolate, but "an experiential chocolate story-telling vehicle that's meant to be indulgent and sensual and opening to the mind." It's a man's game, or so the old adage goes. In recent times, though, an increasing number of women have taken up leadership roles in both men's and women's football. July 4, 2012 -- Updated 1246 GMT (2046 HKT) As coordinator for the world's biggest science experiment, CERN's Fabiola Gianotti occupies one of the top jobs in science. June 15, 2012 -- Updated 1053 GMT (1853 HKT) It was never Milka Duno's intention to become a race car driver, although her parents may have had an inkling when, as a 12-year-old, she took her mother's Chevrolet on a joyride. June 5, 2012 -- Updated 1632 GMT (0032 HKT) Women in China have a lot more opportunities in business because it is "not gender-based, it's merit-based," says one of China's top female businesswoman. May 23, 2012 -- Updated 0954 GMT (1754 HKT) Be prepared, the next big thing facing a green makeover might just be your closet. Women remain under-represented in the boardroom but are quotas the answer? This infographic maps the pros and cons. May 10, 2012 -- Updated 1433 GMT (2233 HKT) Monique Lhuillier is one of LA's most celebrated fashion designers, with a clientele that includes Gwyneth Paltrow, Kristen Stewart and Scarlett Johansson. May 2, 2012 -- Updated 1202 GMT (2002 HKT) One of Norway's most powerful women says there will be more female business leaders when childcare is balanced more equally between men and women. April 5, 2012 -- Updated 1408 GMT (2208 HKT) Google "Marissa Mayer" and the first key words are "net worth" and "salary" -- proof she is one of the world's most powerful women. March 14, 2012 -- Updated 1432 GMT (2232 HKT) Herrera's rise to the top of the cutthroat world of fashion started in 1981. Today, her fashion empire is worth hundreds of millions of dollars. April 10, 2012 -- Updated 1651 GMT (0051 HKT) France's only female chef with three Michelin stars, Anne-Sophie Pic explains how she turned male-dominated French gastronomy on its head. March 12, 2012 -- Updated 0155 GMT (0955 HKT) The documentary, Miss Representation, is the latest cinematic foray to challenge portrayals of beauty in "the media." March 20, 2012 -- Updated 1655 GMT (0055 HKT) Marvell Technology Group co-founder Weili Dai reveals her secrets to achieving success in the tech industry. March 20, 2012 -- Updated 1654 GMT (0054 HKT) The 17th floor of Copenhagen's Bella Sky Hotel has been specially designed to meet the needs of the travelling businesswoman. March 20, 2012 -- Updated 1653 GMT (0053 HKT) Technology is a key driver of female economic empowerment, but the fields that women choose to work in are still decidedly gendered. Why is IT still a male dominated industry? Recruitment specialist Maggie Berry gives her top tips to women looking to break into the tech field. March 20, 2012 -- Updated 1650 GMT (0050 HKT) Facebook's decision to file for public status last week means its No. 2 executive, Sheryl Sandberg, could become one of the world's richest women.