COVID-19 hit economies worldwide, but it’s not just businesses that are struggling to get ahead. However, it also had a devastating effect on the existing social issues, gender equality being one of them.
According to the International Labor Organization, women ended up carrying most of the burden of negative outcomes of the pandemic. Job losses affected women more than men, but it’s home where the changes were the most notable.
Taking care of the house, children and the elderly was primarily left to women throughout the world, which skyrocketed their stress levels. Unfortunately, forecasts aren’t favorable, as they suggest that women won’t be spared from doing unpaid care work anytime soon, opening an additional gap in gender inequality.
While it all seems abstract, preliminary numbers are showing that the situation could result in a 14% hit to the markets and the general economic growth in Latin America. Moreover, the hit will last throughout the next 30 years.
However, there is a bright side to all this — more and more women have started their own businesses. For example, one Indonesian e-commerce platform witnessed a 1.5 increase in women starting their own businesses compared to men.
Experts claim that it’s flexibility in the labor market that’ll make the lives of women around the world easier. Having the possibility to make their own schedules will allow them to sync it with their household responsibilities and be more productive in return.