The 2022 World Economic Forum reveals inequalities in the cost of living


The World Economic Forum has said women are set to suffer the most as the cost of living soars, The Associated Press reported on Wednesday.

The outlet covered the World Economic Forum’s annual Global Gender Gap Report, which 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 touched on the global rise in the cost of living.

“The cost of living crisis affects women disproportionately” due to the impact of the pandemic on work and the lack of access to “care infrastructure”, said Saadia Zahidi, chief executive of the Economic Forum World, in a press release accompanying the report.

The Bureau of Labor Statistics released data on Wednesday showing consumer prices jumped 9.1% in June from a year ago, the highest since November 1981.

Fuel, food and accommodation were the big culprits, the agency added.

The report adds that conflicts, such as the invasion of Ukraine, and climate change “have a disproportionate impact on women”. With an additional cost-of-living crisis, women are expected to struggle more as they “continue to earn and accumulate wealth at lower levels”, according to the report.

Women left the workforce and fueled the growth of entrepreneurship, Insider reported, adding that it was often out of necessity.

Zahidi recommended that governments help women return to work and train for industries that are important for future economic growth “otherwise we risk permanently eroding the gains of the past decades and losing the future economic returns of diversity,” she told the outlet. .

The report estimates it will take 132 years to close the gender gap, down slightly from 136 last year.

It also ranked countries by percentage reduction in their gender gaps, and Iceland was top for the 13th consecutive year, according to the report. The United States ranked 27.


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