COVID-19 - Economic Updates - Featured - March 3, 2021

Covid-19 catalyzes disproportionate economic impacts on women

The economic crisis stemming from the COVID-19 is having detrimental effects for most women around the world.

The pandemic has widened the gender gap in labor force participation, risking decades of progress for women as workers and entrepreneurs.

BusinessMail established this through the World Bank’s report dubbed “Women, Business and Law 2021,” which stated there is a narrower gender gap in development outcomes, more female policy makers, higher female labor force participation, and lower vulnerable employment.

“COVID-19 has directly and disproportionately jeopardized women’s social and economic capabilities. Because they make up the majority of health, social service, and unpaid care workers, women are uniquely susceptible to the effects of the pandemic,” read the report.

The pandemic has had disproportionate impacts it has largely affected sectors in which the share of female employment is high.

“Indeed, it appears women will bear the brunt of the pandemic’s effects on the global economy. Evidence has already begun to emerge on its impacts on their economic opportunity and it has largely affected sectors in which the share of female employment is high,” read the report.

Data from the World Bank’s Enterprise Analysis Unit reveal a larger drop in the proportion of female full-time employees relative to male full-time employees and the data reveal that more women than men have been forced to take leave from or quit their jobs due to illness, childcare

World Bank’s Women, Business and the Law 2021 is the seventh in a series of annual studies measuring the laws and regulations that affect women’s economic opportunity in 190 economies.

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