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Gender Inequality has cost the World USD 70 Trillion since 1990: BofA Report

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Gender inequality has cost world $70 tln since 1990According to a report compiled by the economists of Bank of America (BofA), Gender inequality has cost the world USD 70 Trillion since 1990. It also states that it would take a minimum of 257 years to bridge the gender gap.

  • The Loss of Human Capital Wealth due to Gender Inequality is estimated at USD 160.2 Trillion.
  • If all countries become gender-equal, the global Gross Domestic Product (GDP) will increase by up to USD 28 Trillion by 2025.
  • The report also states that the LGBTQ+ Community is equal to the 4th Largest Economy in the world at USD 3.9 Trillion.
  • Note – The LGBTQ+ community is equivalent to the fourth largest economy in the world at USD 3.9 trillion.

Pandemic deepens Gender Inequality

The report states that the Pandemic has further deepened the Gender Inequality Crisis.

  • Due to the Pandemic, around 96 Million People are estimated to slip into extreme poverty in 2021, of which 47 million would be women.
  • Women’s jobs were 19% more at risk.

Gender inequality in Education, Health

Gender and racial biases lead to persistent labour market disparities and limit the economy, it says closing the gender and race gaps in education and employment would have generated USD 2.6 trillion more in economic output in 2019 and the cumulative gains from 1990 would have been USD 70 trillion at the 2019 dollar rate.

Closing racial earnings gap resulting from disparities in health, education, incarceration and employment opportunities would boost trend growth by 0.5 per cent per year through 2050, says the report.

Gender inequality in Profession

For the first time in six years in 2020 there were no black chairs, chief executives or finance chiefs in the FTSE 100 companies and just one company in the S&P 500 is run by a Black female CEO now, and only eight companies have at least 50 per cent female management teams.

Children with Disabilities

The report states that in emerging market countries 90% of children with disabilities do not attend schools.

Recent Related News:

i.On December 10, 2020, India’s 1st LGBT + Workplace Equality Index, “India Workplace Equality Index Top Employers 2020 Report” based on the India Workplace Equality Index (IWEI) Index was launched by KSF, Pride Circle, Stonewall & FICCI.

About Bank of America (BofA):
CEO – Brian Moynihan
Headquarters – Charlotte, North Carolina, USA