Israel named best country in world for women entrepreneurs
"We have seen the staggering extent of the disparity women in business face. But unlike any other economic downturn, Covid-19 has also paved the way for considerable progress."
By EVE YOUNGA woman walks near high-rise buildings in the high-tech business area of Tel Aviv(photo credit: REUTERS/AMIR COHEN)
Israel was named the best country in the world for women entrepreneurs in the 2020 Mastercard Index of Women Entrepreneurs. The MIWE report findings highlighted the need for gender-specific policy to support women in business and made an initial analysis of the impact of the coronavirus pandemic on women in the workforce.The report found that Israel, the top performing country, is "a prime example of gender-specific support mechanisms having swift and significant results." Israel was in fourth place in 2019, and its recent success was "driven by a focused institutional backing for SMEs" – Small and Medium-sized Enterprises – and a concerted effort to double the number of female entrepreneurs, said the report.The report also said that Israeli women are more driven (by 2.3% on average) than Israeli men to pursue business opportunities and gain independence and economic self-reliance.The coronavirus pandemic has impacted businesses all over the world, and women have been disproportionately impacted, according to the MIWE. Some 87% of women business owners said that they have been impacted adversely, according to the report.The index found that while the pandemic has presented significant challenges to women in business, it has also highlighted the successes of women leaders. Female prime ministers Jacinda Ardern of New Zealand and Sanna Marin of Finland, as well as German Chancellor Angela Merkel, have had visible and significant success leading during the pandemic.These women "have presided over some of the most successful efforts in containing Covid-19 while instilling order, assurance, trust and calm," the report said.The disproportionate damage done to women in the workforce can be seen in Israel in unemployment rates, according to the report. Despite nearly equal numbers of men and women in Israel's workforce, 56% of the newly unemployed during the pandemic were women."We have seen the staggering extent of the disparity women in business face. But unlike any other economic downturn, Covid-19 has also paved the way for considerable progress, and we have seen what we can be achieved when priority is given," said vice president of Global Consumer Products and Financial Inclusion Sue Kelsey."However, are we brave enough to seize the opportunity; to listen to the data outlined in MIWE 2020 and act accordingly? Or will we cling on to a failed system, and allow the pandemic to shave off progress [made] to date? These are critical questions decisions makers need to have at the fore as they plan their road to economic recovery,” Kelsey said.The MIWE also reported that women in business are successfully adapting to new circumstances despite "extensive barriers to success."
This disproportionate impact on women is partially due to their overrepresentation in the hardest hit sectors; the digital gender gap that is particularly impactful as the pandemic increased virtual activity; and childcare responsibilities that have also been intensified by the pandemic.The index draws on data from organizations like the OECD and the International Labor Organization to highlight the socio-economic contributions of women entrepreneurs around the world, which it says are vast.
