- COVID-19 has reversed the fortunes of many economies around the world.
- IMF revised its 2020 global economic growth forecast to -4.9% on account of foreseen economic disruptions around the world.
- Economic disruptions are expected to affect the tourism and travel industry, manufacturing output, trade activities as well as dampen demand for goods in general.
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
The 2015 Finscope Report indicates that financial inclusion is significantly skewed towards urban areas at 70.3% of adults financially included, compared to rural areas that experience lower levels of financial inclusion at 50.2%.
Women’s economic participation and opportunity is one of the four areas within the Gender Gap Index that measures the levels of inequality between men and women. Women’s economic participation and opportunity gap remains the headline gender disparity as it is expected to be the second-slowest gap with 41.9% which remains to be closed. This is way above the average gender gap that stands at 32%. The current gap is evident that more needs to be done to enhance women’s economic participation and opportunity.