Impacts On Global Economy
As the COVID-19 pandemic spreads across the globe, the implications for the global economy are becoming more apparent. In a recent McKinsey Global Survey, executives voiced increasing concern about the potential impact of the virus on the global economy. The survey found that two-thirds of executives expected a moderate to significant slowdown in the growth rate of the world economy, and that two-thirds regarded recession and depression as a possibility. However, overall, respondents expect their own economies to increase, with more than half expecting growth by 2020.
Impacts On Women In The Workplace
The effects of COVID-19 on women in the workforce are profound. According to research done by the McKinsey Global Institute last summer, women are at least twice as likely to lose their jobs as men. In a gender-regressive scenario, the pandemic would have a $1 trillion negative impact on the world economy by 2030. While this might sound like a small loss, it will create a significant problem for women.
Family Circumstances
COVID-19 has put a huge strain on the working mother and family. A recent study found that one out of four women lost their jobs because they were unable to provide childcare for their children. Unfortunately, this trend has not slowed. During the last four years, nearly 2.2 million working mothers of children under the age of twelve have lost their jobs. In addition to women, men have lost 870,000 jobs, and the numbers don’t seem to be slowing down.