Cost of living | Women Will Be Hardest Hit by Cost-of-Living Crisis, Report Suggests

Cost of living | Women Will Be Hardest Hit by Cost-of-Living Crisis, Report Suggests

According to the World Economic Forum, women are predicted to be the most severely impacted by a crisis in the cost of living that is partly caused by rising fuel and food prices.

VENEZUELA (AP) — According to research released on Wednesday by the World Economic Forum, which noted a growing gender wage disparity around the world, a cost-of-living problem brought on in part by increasing fuel and food costs is anticipated to affect women the hardest.

The Geneva-based think tank and event producer, well known for holding an annual elite summit in the Swiss Alpine town of Davos, claims that despite the COVID-19 crisis’s abating, the hoped-for recovery from a widening gender disparity hasn’t occurred as anticipated.

For the world to achieve gender parity, which the group defines around four key factors: incomes and economic opportunity, education, health, and political empowerment, the forum now projects that it will take 132 years, down from 136.

Iceland received the highest ratings when the results were broken down by nation, followed by various Nordic nations, including New Zealand, Rwanda, Nicaragua, and Namibia. According to the survey, Germany, the largest economy in Europe, came in at number 10 out of 146 nations. The world’s largest economies were included farther down the list: Japan was ranked 116th, China 102nd, and the United States was ranked 27th.

According to the forum’s managing director, Saadia Zahidi, women have been disproportionately impacted by the cost-of-living crisis as a result of lost jobs due to the epidemic and a lack of “care infrastructure” for the elderly or young.

Government and business must put forth two sets of initiatives, she said, “targeted measures to encourage women’s return to the workforce and women’s skill development in the sectors of the future.” “Otherwise, we run the risk of irreversibly undoing the progress made in recent years and missing out on the future economic benefits of diversity.”

The research, which is in its 16th year, strives to monitor labor market shocks that may influence the gender gap.

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