Will more women in STEM sciences impact economic growth?

Abstract

Despite the fact that on average in the EU there are 4.7% more women than men, female graduates make up around 33% in STEM (science, technology, engineering, math) majors in 2020, according to the official Eurostat database. Little research on the relationship between higher education (HE) and gross domestic product (GDP) focused on EU Member States and used various econometric models. The objective of this research is to find variables that associate with economic growth using BMA modelling and to check if they can be robustly associated with GDP. Research rationale: Developed countries may experience challenges limiting them from higher rates of economic growth, and women may often be underrepresented in certain economic activities. If in place, such a situation tends to limit the needs of the global labour market and sustainability commitments. Using available human resources efficiently may help to result in a positive impact on the EU countries’ growth rates. The research at hand aims to explore the relationship between higher education (HE) and economic growth evaluating the impact of STEM tertiary degrees. We attempted to compare male and female graduates of various higher education levels to suggest the importance of creating incentives for women to opt for STEM majors to achieve a fair balance in pay between the genders and possibly produce greater value.