For more, see “ COVID-19 and gender equality: Countering the regressive effects,” July 15, 2020. That’s a significant and substantial economic opportunity. It would also raise the female-to-male labor-force participation and create hundreds of millions of new jobs for women globally. But if action is taken now to achieve best-in-region gender-parity improvements by 2030 (including investments in education, family planning, maternal health, digital and financial inclusion, and correcting the burden of unpaid-care work related to childcare and caring for the elderly), $13 trillion could be added to global GDP compared with the gender-regressive scenario. In a gender-regressive, “do nothing” scenario-which assumes that the higher negative impact of COVID-19 on women remains unaddressed-global GDP in 2030 would be $1 trillion below where it would have been if COVID-19 had affected men and women equally in their respective areas of employment.
The price of Brent crude oil is trading close to 85 a barrel after jumping by almost 6. According to research by the McKinsey Global Institute last summer, women’s jobs were found to be almost twice as vulnerable to the pandemic as men’s jobs. Oil prices have surged after several of the worlds largest exporters announced surprise cuts in production.
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