Getting more women involved inside U.S. economy could generate a $1.6 trillion boost, S&P Global President in addition to also CEO Doug Peterson told SouthIndianNews.com on Monday.

“In our research the last couple years, we’ve been looking at what would certainly be the impact on markets if women had a higher participation rate? in addition to also we used Norway as kind of the benchmark,” Peterson told SouthIndianNews.com’s Jim Cramer on “Mad Money.”

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

Better yet, having women enter in addition to also stay inside 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 in addition to also different organizations.

Since becoming CEO in 2013, Peterson has introduced several initiatives focused on gender equality, including of which study in addition to also a hashtag highlighting the benefits of closing the gender gap: #ChangePays.

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

“the item starts with the tone at the top, in addition to also we believe of which starts with our board, the item starts with me, in addition to also 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.