Cost-of-living crisis to hit women hardest, report says

A cost-of-living crisis sparked in part by higher fuel and food prices is expected to hit women the hardest, the World Economic Forum reported Wednesday, pointing to a widening gender gap in the global labour force.

The Geneva-based think tank and event organizer, best known for hosting an annual gathering of elites in the Swiss Alpine town of Davos, says a hoped-for recovery from a ballooning gender gap hasn’t materialized as expected as the Covid-19 crisis has eased.

The forum estimates that it will now take 132 years — down from 136 — for the world to reach gender parity, which the organization defines around four main factors: salaries and economic opportunity, education, health, and political empowerment.

A breakdown by country gave top marks to Iceland, followed by several Nordic countries and New Zealand, as well as Rwanda, Nicaragua and Namibia. Germany, Europe’s biggest economy, came in 10th place in the report of 146 countries. Further down the list were the world’s biggest economies: the US was at No 27, China at No 102 and Japan at No 116.

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Saadia Zahidi, managing director at the forum, say women have been disproportionately affected by the cost-of-living crisis following labour market losses during the pandemic and insufficient “care infrastructure” — such as for the elderly or children.

• Europe