The World Economic Forum says women will suffer the most as the cost of living skyrockets, the Associated Press reported Wednesday†
The outlet covered the annual World Economic Forum Global Gender Gap Reportwhich measures gender gaps and progress in closing them, including in four main areas such as “health and survival” and “economic participation”.
This year it looked at 146 countries – and discussed the global rising cost of living.
“The cost of living crisis is disproportionately affecting women” because of the pandemic’s impact on labor and lack of access to “healthcare infrastructure,” said Saadia Zahidi, director of the World Economic Forum, in a publication accompanying the report.
The Bureau of Labor Statistics released data Wednesday showing consumer prices rose 9.1 percent in June compared to last year, the highest since November 1981.
Fuel, food and housing were major culprits, the agency added.
The report added that conflicts, such as the invasion of Ukraine, and climate change “affect women disproportionately”. With an additional cost of living crisis, women will struggle more as they “continue to earn and accumulate wealth at lower levels,” the report said.
Women left the workforce and fueled entrepreneurial growth, Insider reportedadding was often out of necessity.
Zahidi advised governments to help women return to work and train for industries important for future economic growth “otherwise we risk permanently eroding the achievements of past decades and missing out on the future economic returns of diversity.” walk,” she told the outlet. †
The report estimated that it will take 132 years to close the gender gap, slightly less than 136 last year.
It also ranked countries in terms of the percentage that bridged their gender gap, with Iceland at the top for the 13th year in a row, the report said. The US is at 27.