Why women’s empowerment is essential to economic recovery
The economic crisis resulting from the COVID-19 pandemic is having a profound detrimental effect for most people around the world. Yet, it has impacted men and women differently and disproportionately, according to the World Bank’s Women, Business and the Law 2021 report.
Although much progress has been made over the past 50 years, gender equality had not yet been achieved when the COVID-19 crisis struck in 2020. Women are more likely to work in health care, unpaid care, and domestic work, being thus more susceptible to the consequences of the pandemic. At the same time, they still earn less money than men for equally valued jobs, bear more of the childcare burden, and face a higher risk of violence within their homes.
Amidst a global pandemic that threatens progress toward gender equality, the report identifies barriers to women’s economic participation and encourages reform of discriminatory laws.
The World Bank’s report shows that, on average, women still have just three-quarters of the rights of men. This matters because better performance in the areas measured by the Women, Business and the Law index is associated with a narrower gender gap in development outcomes, more female policy makers, higher female labor force participation, and lower vulnerable employment.
A legal environment that encourages women’s economic inclusion can also make them less vulnerable in the face of a crisis, the report states.
Women, Business and the Law measures how laws and regulations affect women’s economic opportunity in 190 economies. The 2021 edition covers reforms conducted between September 2019 and October 2020. The index analyzes economic rights during different milestones in a woman’s working life through eight indicators, ranging from being able to move freely to rights in the workplace, through rights during marriage and after having children, how the law prevents or allows them to run their own businesses and manage assets all the way to retirement.
Only 10 countries offer full equal rights for women
Belgium, France, Denmark, Latvia, Luxembourg, Sweden, Canada, Iceland, Portugal and Ireland were the only countries offering full equal rights for men and women, at least from a legal perspective.
Ninety-four countries out of the world’s 194 ranked at 80% or above, up from 87 in 2020.
Saudi Arabia, which came in last in 2019, has improved its score majorly following new laws implemented in the country and now ranks 91st at 80%. The last place in the 2020 ranking went to Yemen (26.9%), ahead of Kuwait (28.8%) and Sudan (29.4%).
Source: The World Bank
Moonshot News is an independent European news website for all IT, Media and Advertising professionals, powered by women and with a focus on driving the narrative for diversity, inclusion and gender equality in the industry.
Our mission is to provide top and unbiased information for all professionals and to make sure that women get their fair share of voice in the news and in the spotlight!
We produce original content, news articles, a curated calendar of industry events and a database of women IT, Media and Advertising associations.
