Angelovska Bezhoska: Gender equality will boost economic growth not only quantitatively, but also qualitatively

Skopje, 28 March 2024

In recent years, the consecutive economic shocks additionally impeded the reduction of gender inequality, due to their adverse impact on female population. Thus, in most of the Western Balkan countries the activity rate of females is more reduced than the activity rate of males, which is similar to global trends. According to the World Bank Analysis, the Western Balkan countries lose 18% of the GDP each year due to the gender gap on the labor market, where two-thirds of the loss results from the low activity rate of females, while the rest results from the career choice among males and females. Hence, adequate policies for greater involvement of women on the labor market can significantly boost economic growth, said the Governor of the National Bank, Anita Angelovska Bezhoska at the workshop "Women's Role in the Economic Transformation of the Society" organized by the Faculty of Economics at the Ss. Cyril and Methodius University in Skopje.

In global and regional terms, recent crisis have significantly affected female-dominated sectors and had adverse impact on both the activity and the gap. "According to the World Economic Forum, if the progress continues at the current pace, it will take 131 years to reach full equality on a global level. In comparison, before the pandemics it was assessed that it would take 100 years to reach gender equality, which points to the effects of the recent shocks on both female population and gender gap" pointed out Angelovska Bezhoska.

Angelovska Bezhoska said that the positive effect of the gender gap reduction on the growth would result not only from the labor force growth, but also from various female skills and characteristics, which can give a different qualitative dimension to the labor market and a more optimal decision making.

The Governor pointed out that in order to reach this, reforms are needed in several segments, such as detecting all the sources of gender inequalities in the institutional, regulatory, educational and traditional norms, developing policies that will encourage women to return to labor market, breaking stereotypes and creating equal opportunities for career development of women (participation in senior leadership positions), adequate support of women by the government and employees in terms of family/children obligations, designing new innovative technological solutions that will provide greater financial inclusion and access to finance for low-income women.

The workshop organized by the Chair of Economics, where the Governor gave a lecture, was attended by the Rector of the Ss. Cyril and Methodius University in Skopje, Prof. Biljana Angelova PhD and the President of the Organization of Employers, Vladanka Trajkoska PhD. The workshop was opened by the Dean of the Faculty of Economics Prof. Predrag Trpeski PhD, with opening remarks by Prof. Daniela Bojadzieva PhD and Prof. Biljana Tashevska PhD.