In this growing world, women entrepreneurs are widespread at the relaxed mode and meagre than growth alignment with small and medium-sized enterprises. However, women still undergo an irregular pitch in education, job, income, and decision-makers.
The MENA region faces many challenges in developing powerful remunerative and chances for both men and women to pursue a livelihood with no hurdles that are essential for the future of this region. The Middle East has to undergo drastic changes to create jobs and requirements for the region.
A survey conducted reveals that over 27% of women in the sultanate join the workforce, as compared to 51% of developed countries. Also, about 11% of the women are self-employed, against 22% of men.
It is difficult for the SMEs and start-ups in the MENA region to develop with insufficient funding and corporation hurdles. Even women start-ups face these challenges. Added to it, women entrepreneurs in the MENA region face a cultural perspective in terms of women’s roles.
Most of the time, women entrepreneurs lack knowledge, finance, and skills needed to develop their businesses.
Recently, the pandemic has made the situation worse for start-ups. Many are on the verge of losing their company. They don’t have any points on how to survive this pandemic. But hope has come after they introduced vaccination.
Start-ups are seeing the light at the end of the pandemic tunnel, as people get vaccinated. Although there will be changes in running the start-ups, there are fewer possibilities to return to where we left behind in February 2020. Entrepreneurs have concluded that this pandemic has set a powerful tipping point as a wake-up call to develop better different fronts, like lessening polarity and enhancing economic crisis, so that in future we are well-prepared if these types of shocks occur. For this, it unquestionably requires a new method in different domains.
Role of women:
Women in the MENA region play an alteration role, starting from sharing the talent with different regions that are not used frequently. A survey conducted by UNESCO found out that women outnumber men in universities and make up about 57% of STEM (Science, Technology, Engineering, Math) graduates, compared to the developed countries as this rate exceeds upto 35% more of women taking STEM courses. But only one in five women is financially functional.
A study by the International Monetary Fund (IMF) shows an incentive between women workers and the country’s economic assortment in connection with the scope and refinement of industrial output and input. It is also found out that GDP will increase up to 30-40 percent in the MENA region if they unite women in the country’s economy. Funding on this growth would increase flexibility and also the government can withstand any such chocks in the future.
Evidence confirms that the lockdown affected women from financially broke worse than men. In usual times, women makeup 75% of the world’s unpaid work. But in the MENA region it would be about 80 to 90 percent as the closure of schools and supervision work was closed, and this made the women increase their workload at the house and so they had to quit their jobs as they didn’t have any alternative.
The McKinsey Global Institute rated that introducing family-friendly policies will reverse Covid-19 deteriorating effects on employed women, and that will bring a profit of about $13 trillion to the global economy by 2030.
“CARE” has moved the neglected policy of the realm to emergency uphold in the working sectors. They have acknowledged the social flexibility of the rest of the economy. “CARE” is considered as a requisite structure for the forthcoming economy, such as roads, trains, broadbands, and bridges.
What can we do?
Boosting female productive participation will increase demand, increase women-centric jobs, guide digital knowledge and jobs within, and improve women’s let start-ups for the new creativity and job creation.
It is pleasant to note that women entrepreneurs have increased in the MENA region gradually. This pandemic has made many women shift their focus jobs to the digital world.
The critical part is legal reforms that are important in the finance part. Although, before the pandemic, the MENA region saw increased growth in women entrepreneurs, later the aftermath of the pandemic saw a decline naturally. We expect that the GDP in that sector will increase after the spur of innovation. Post lockdown shows that there are many growth opportunities and, therefore, venture capital will increase in the coming years.
Unfortunately, women start-ups still face the inadequacy of funds, which leads to limiting their potential. It is not only in the MENA region, but it applies to the entire world. But now the thought process is changing.
Women entrepreneurs are thriving to make a difference through their businesses, and their responses are exceeding those of their counterparts in many countries. And it may be noted that they have satisfied their customer needs and made an impression with their success.
The MENA region is planning to rebuild after the pandemic with access to women entrepreneurs. This comes after noticing the female education percentage in STEM courses and speeding up the use of digital during the Coronavirus and thus opening to new opportunities. Despite facing difficulties in the initial stage, women entrepreneurs are most likely to succeed like their counterparts.