Women could give the US economy a $1.6 trillion boost

Getting more women involved inside the U.S. economy could generate a $1.6 trillion boost, S&P Global President along with CEO Doug Peterson told CNBC on Monday.

“In our research the last couple years, we’ve been looking at what could be the impact on markets if women had a higher participation rate? along with we used Norway as kind of the benchmark,” Peterson told CNBC’s Jim Cramer on “Mad Money.”

“inside the United States, if we were operating [at] the same level of women’s participation as Norway, our economy could be 8 percent bigger, $1.6 trillion larger, than which is actually right today,” the CEO said.

Better yet, having women enter along with stay inside the U.S. workforce could add some $5.8 trillion to the total global market cap, he said.

Besides presiding over the S&P 500 index, S&P Global offers a host of financial analytics services to market-watchers, industry bodies along with some other organizations.

Since becoming CEO in 2013, Peterson has introduced several initiatives focused on gender equality, including This specific study along having a hashtag highlighting the benefits of closing the gender gap: #ChangePays.

“What inspired us is actually which, as we saw the women in our organization flourishing along with we see the kinds of opportunities there are for people coming to the workforce, [which] actually, actually required us to take a stand,” Peterson told Cramer, acknowledging which he along with his company can also do more to hire along with promote women.

“which starts with the tone at the top, along with we believe which starts with our board, which starts with me, along with we also have a lot more to do ourselves,” he said.

S&P Global’s stock inched up Monday, ending the day 0.28 percent higher at $194.13.