014. COVID-19 Impact on Global Women Owned Businesses

Women-owned businesses are one of the most significant drivers of innovation and job growth in both developed and emerging markets. WEConnect International strongly believes that this is the time to rebuild global business for good by ensuring everyone has an equal opportunity to contribute to and benefit from the recovery. We know that companies and governments proactively investing in supplier diversity and inclusion will reap major dividends as we seek to recover from the global pandemic and systemic inequality. The reality is that today women only account for about 1 percent of the global spend on products and services by corporations and governments. In addition, women-owned small and medium enterprises (SMEs) in emerging markets still face a US$1.5 trillion annual credit gap that needs to be closed. However, they are often untapped resources for inclusive growth, which is particularly true for women of color. WEConnect International recognizes that engaging women as business owners from the beginning to the end of global value chains is critical now more than ever and the payback is worth trillions of dollars. As businesses work to recover from the COVID-19 crisis and learn from the mass protests for justice and equality, know that WEConnect International will continue to help lead the effort to rebuild the global economy for good. When women gain access to finance and their sales increase, they invest in the health, welfare and education not only of their households but also in their communities, yielding measurable prosperity for all. This is not only the right thing to do morally but good for corporate bottom lines and government policy. If all entrepreneurs had equal opportunities, including access to markets, global GDP could rise by as much as 6 percent, boosting the global economy by US$5 trillion.