It can alleviate hardships and help nations & businesses bounce back faster from Covid crisis.
Women are suffering more than men in the pandemic.
Women are suffering more than men in the pandemic. Crafting a Gender-responsive social and economic recovery strategy can alleviate their hardship and help nations, businesses and society bounce back faster from the COVID-19 crisis
Set in the grim backdrop of women facing more economic hardship than men through the Covid-19 pandemic, the 3rd edition of The Economic Times Women’s Forum is an expression of the resolve that India and the world must show in developing a gender-responsive recovery plan. Several studies have shown that women have been more impacted than men. But the good news is that the economic benefits of narrowing gender gaps are six to eight times higher than the social spending required to bridge such gaps. A McKinsey study concluded that Global GDP could gain $13 trillion if action is taken to advance gender equality. This is a gain that a world staring at a recession can ill afford to overlook.
The 2020 ET Women’s Forum will unfold from September 23 in a new online avatar, cognizant of new social and business realities imposed by the pandemic. It will also address the new challenges we must face and overcome.
The new online format will stay true to the original mission — collaboratively create an urgent, sustainable and national culture of empowering India’s half a billion women. The ET Women’s Forum hopes to seed and water new ideas and conversations around facilitating greater participation and reducing gender inequality in every sphere of life, work and play.
António Guterres, Secretary-General, United Nations recently warned that the pandemic is exacerbating hurdles women face and the world is at risk a generation or more of gains if there is no response. His warning should sound more shrill for India, which has slipped from a rank of 87 to 112 between 2016 and 2020 in the World Economic Forum’s annual gender gap Report. The Forum will address these realities, and will seek to build pathways of hope to empower India’s half a billion women and ensure enjoys the rich dividend it can reap in doing so.
Voice of concern and call to action "Without a concerned response, we risk losing a generation or more of gains. In short, the pandemic is exposing and exacerbating the considerable hurdles women face in achieving their rights and fulfilling their potential," said Guterres.
1] WOMEN HAVE BEEN AFFECTED MORE THAN MEN...
And that is hurting both women & national economies
- Negative impact on global GDP by 2030 because women’s unemployment has been a lot higher that men’s unemployment: $ 1 TRILLION Source: McKinsey
Sharp Pain in the unorganised sector The unorganised sector has seen huge job losses and the pain for women has been aggravated even more by the absence of a social security net. Source: UN, IMF
The Professional Setbacks Women have lost more jobs then men because of the pandemic. That is the stark and unfair reality today. Years of work on gender-diversity may be undone.
2] ...BUT A GENDER-RESPONSIVE RECOVERY PLAN CAN YIELD RICH DIVIDENDS
Number of women and girls who can be lifted out of poverty if governments provide access to education, family planing equal wages and cash transfers: 100 MILLION
Funds needed to close gender poverty gap: $48 BILLION
Potential addition to global GDP by 2030 if action is taken now to advance gender equality: $13 TRILLION
Potential addition to global GDP by 2030 if action to advance gender equality is taken after the the crisis has subsided: $5 TRILLION
Source: Mckinsey
Why Gender-diversity should remain a priority
Economic benefits of narrowing gender gaps are six to eight times higher than the social spending required.
Those in the top quartile for gender diversity on executive teams were 25 percent more likely to have above-average profitability than companies in the fourth quartile.
Companies now pulling back on diversity and inclusion may be placing themselves at a disadvantage in terms of resilience and the ability to recover from the current crisis.
They could be limiting their access to talent, diverse skills, leadership styles, and perspectives.
Source: Mckinsey
UN Recommendations for Gender-responsive recovery plan
Put cash in women’s hands through direct cash transfer of subsidy
Extend basic social protection to informal workers
Integrate gender assessment in all exercise to measure impact of VOCID-19
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