COVID could Reserve a Generation of Women in Business Environment

By: WE Team | Friday, 18 December 2020

The Mastercard Index of Women Entrepreneurs (MIWE) reveals that overrepresentation in sectors hardest hit by the economic downturn (tourism, retail, hospitality, etc), the pronounced digital gender gap in an increasingly virtual world, and the mounting stresses on childcare responsibilities are only a few factors that have left women particularly vulnerable.

Australia maintained its top 10 rankings in the 2020 report (ninth) in placing second in the Asia-Pacific region for economic equality. The research reveals, approximately three in every 10 businesses in Australia are now female-owned (30.6 percent).

This year’s MIWE includes a global ranking on the advancement of women in business in pre-pandemic conditions across 58 economies, representing almost 80 percent of the female labor force.

The survey noted that last year’s strong performers, the United States, and New Zealand — although dropping from first to second, and second to fourth places, respectively — demonstrate that economies with mature, gender-focused initiatives still outperform on the global stage through continued focus on advancing conditions for women in business.

It found that in both these economies, favorable cultural perceptions of entrepreneurism, the high visibility of female leaders that serve as role models for aspiring entrepreneurs, and supportive entrepreneurial conditions play a crucial role in their success.

Julienne Loh, executive vice-president, enterprise partnerships, Asia Pacific, Mastercard says, “What the findings make clear is that regardless of an economy’s wealth, level of development, size, and geographic location, gender inequalities continue to persist — even pre-pandemic. What COVID-19 did is that it exacerbated an already problematic situation. It disproportionately disrupted women’s lives and livelihoods to a greater extent than men due to a few pre-existing factors: the jobs and sectors women tend to work in, childcare and domestic responsibilities, and the pre-existing gender disparity in business.”