“Women make up 39% of global employment but account for 54% of overall job losses as of May 2020. At the same time, the burden of unpaid care, which has risen in the pandemic, falls disproportionately on women.” states the Harvard Business Review.

McKinsey estimates that the ‘global GDP growth could be $1 trillion lower in 2030 than it would be if women’s unemployment simply tracked that of men in each sector’. They go on to say, “Conversely, taking action now to advance gender equality could be valuable, adding $13 trillion to global GDP in 2030 compared with the gender-regressive scenario. A middle path—taking action only after the crisis has subsided rather than now—would reduce the potential opportunity by more than $5 trillion. The cost of that delay amounts to three-fourths of the total global GDP we could potentially lose to COVID-19 this year.”

Traditional perceptions of the societal role of mothers are a major factor in the disparity of the impact. While women with partners may have some form of relief, more than 15.7 million women are estimated to be the sole caregiver for their children, leaving them with even fewer options. We are looking at more than just a temporary set back here. From taking lower-ranking roles in organizations to having to change roles or industries completely, these parents are going to feel the economic blowbacks for, what could quite possibly be, the rest of their working lives.