Integrating LGBTI citizens could add $360mn to economies of Serbia and North Macedonia

Integrating LGBTI citizens could add $360mn to economies of Serbia and North Macedonia
Removing barriers to entry in the labour market for LGBTI individuals would cause the annual GDP of North Macedonia and Serbia to rise by an average of 0.6%. / bne IntelliNews
By Valentina Dimitrievska in Skopje September 26, 2023

New reports from the World Bank released on September 26 suggest that implementing policies to enhance the social inclusion of lesbian, gay, bisexual, transgender, and intersex (LGBTI) individuals could lead to more equitable and just societies while also benefiting the economies of North Macedonia and Serbia.

The research estimates that integrating LGBTI people into the economy could potentially contribute approximately $360mn annually to the combined GDP of the two Western Balkan nations.

The reports highlight that if barriers to entry in the labour market for LGBTI individuals were reduced, leading to decreased discrimination based on sexual orientation, gender identity, and sex characteristics, the annual GDP of North Macedonia and Serbia would rise by an average of 0.6%. This positive development would translate to an additional $64mn for North Macedonia and $293mn for Serbia.

Xiaoqing Yu, World Bank country director for the Western Balkans, emphasised the vital role of inclusion in achieving a country's full development potential, underscoring that access to fundamental services and markets, as well as the opportunity to lead a dignified life, are crucial elements of successful and sustainable development.

“This research shows that LGBTI inclusion is not only the right thing to do but also sound economics.” he stated.

While both North Macedonia and Serbia have implemented significant reforms to safeguard the rights of LGBTI individuals, the reports indicate that discrimination and exclusion persist.

In Serbia, LGBTI individuals are still more likely to face economic disadvantages compared to the general population. Additionally, one in seven LGBTI individuals in North Macedonia continues to encounter workplace discrimination in hiring, termination, and career advancement.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Content

COP28: North Macedonia launches just energy transition platform to mobilise €3bn

Experts argue EU’s New Growth Plan is too small to make a difference

North Macedonia says OSCE 'saved' at Skopje summit

News

Moscow sees most snowfall in one day since records began

Moscow experienced an unprecedented snowfall on December 3, setting a record as the heaviest in the city's 145-year history of weather observations.

Zelenskiy video appeal to Congress for more help cancelled as Republicans present Biden with funding ultimatum

An appeal Ukrainian President Volodymyr Zelenskiy had been due to make to the US congress for more money via video link on December 5 was cancelled at the last minute as the Speaker of the House issued an ultimatum to US President Joe Biden

Western brands’ adverts fund Russian disinformation in Southeast Europe

Disinformation poses threats to stability and democracy and contributes to tensions and violence in the multi-ethnic communities of Bosnia and Kosovo, says report by Balkan Free Media Initiative and CRTA.

Hungarian economists say CPI figures are distorted by change in methodology

Economists suspect figures are being massaged to improve economic picture.

Lukoil mulls sale of Bulgarian refinery, petrol stations

Russian oil company to reassess its presence in Bulgaria and could sell its business after Bulgarian parliament banned imports of Russian oil from March 2024.

Moscow sees most snowfall in one day since records began
6 hours ago
Zelenskiy video appeal to Congress for more help cancelled as Republicans present Biden with funding ultimatum
8 hours ago
Western brands’ adverts fund Russian disinformation in Southeast Europe
8 hours ago
Hungarian economists say CPI figures are distorted by change in methodology
8 hours ago
Lukoil mulls sale of Bulgarian refinery, petrol stations
17 hours ago

Follow Us On

Most Read

  1. Top Ukrainian politician David Arakhamia gives seventh confirmation of Russia-Ukraine peace deal agreed in March 2022
    10 days ago
  2. Armenia marks new era with French military purchases
    8 days ago
  3. LONG READ: The boomerang effect: sanctions hurt Europe more than Russia
    4 days ago
  4. Putin's approval rating up to 85% in November, Russians happy with the country's direction
    2 days ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    1 month ago
  1. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    1 month ago
  2. Top Ukrainian politician David Arakhamia gives seventh confirmation of Russia-Ukraine peace deal agreed in March 2022
    10 days ago
  3. Russia overtakes Germany to become fifth biggest economy in the world in GDP on a PPP basis
    3 months ago
  4. Armenia marks new era with French military purchases
    8 days ago
  5. Lavrov confirms Ukraine war peace deal reached last April, but then abandoned
    2 months ago

Reports

SELECT `n`.`nid` AS `id`, `n`.`title`, 'bne IntelliNews' AS authors, 'bne IntelliNews' AS bylines, `wc`.`field_website_callout_value` AS `summary`, `smc`.`field_social_media_callout_value` AS `social`, `pd`.`published_at` AS `date`, `p`.`field_publication__tid` AS `publication_id`, `fm`.`uri` AS `image`, `fspcaption`.`field_story_photo_caption_value` AS `image_credit`, `fspcredit`.`field_story_photo_credit_value` AS `image_author`, `ws`.`field_website_sections_tid` AS `section_id`, `fdfs`.`field_subject_tid` AS `subject_id`, `db`.`body_value` AS `body`, `fm2`.`uri` AS `pdf`, `et`.`field_enable_tracking_value` AS `tracking`, `ht`.`field_head_tags_value` AS `headTags`, `bt`.`field_body_tags_value` AS `bodyTags` FROM `node` AS `n` LEFT JOIN `field_data_field_website_callout` AS `wc` ON wc.entity_id = n.nid LEFT JOIN `field_data_field_social_media_callout` AS `smc` ON smc.entity_id = n.nid LEFT JOIN `publication_date` AS `pd` ON pd.nid = n.nid LEFT JOIN `field_data_field_publication_` AS `p` ON p.entity_id = n.nid LEFT JOIN `field_data_field_story_picture` AS `sp` ON sp.entity_id = n.nid LEFT JOIN `file_managed` AS `fm` ON fm.fid = sp.field_story_picture_fid LEFT JOIN `field_data_field_story_photo_caption` AS `fspcaption` ON fspcaption.entity_id = n.nid LEFT JOIN `field_data_field_story_photo_credit` AS `fspcredit` ON fspcredit.entity_id = n.nid LEFT JOIN `workflow_node` AS `wn` ON wn.nid = n.nid LEFT JOIN `field_data_field_website_sections` AS `ws` ON ws.entity_id = n.nid LEFT JOIN `field_data_field_subject` AS `fdfs` ON fdfs.entity_id = n.nid LEFT JOIN `field_data_body` AS `db` ON db.entity_id = n.nid LEFT JOIN `field_data_field_file` AS `ff` ON ff.entity_id = n.nid LEFT JOIN `file_managed` AS `fm2` ON fm2.fid = ff.field_file_fid LEFT JOIN `field_data_field_enable_tracking` AS `et` ON et.entity_id = n.nid LEFT JOIN `field_data_field_head_tags` AS `ht` ON ht.entity_id = n.nid LEFT JOIN `field_data_field_body_tags` AS `bt` ON bt.entity_id = n.nid WHERE (n.status = 1) AND (n.type = 'article') AND (n.nid = 294256) AND (wn.sid= 3) AND (p.field_publication__tid IN (2465,2851,3184,3159,3266,3264,3270,3265,3267,3268,3269,3171,3168,3185,3170,1346,1345,3180,3175,3254,3249,1207,1208,3181,3231,3177,3186,3178,1003,3187,2975,3204,3198,3188,3202,3196,3250,3189,3160,3161,3312,3313,3173,3314,3315,3167,3259,3257,3263,3258,3260,3261,3262,3174,3316,3165,3192,3163,3282,3190,2811,3256,3317,3162,3318,3191,3297,3182,3179,3166,3319,3376,3320,3172,3255,3169,1008,3203,3197,3321,3252,3164,1307,3322,3183,3220,3176,3201,3323,1327,1020,1006,1009,1013,1014,1018,1005,1328,1010,1011,1002,1012,1311,1330,1017,1016,1019,1004,1001,1334,1335,1336,1015,1337,1338,1339,1340,1341,2496,2501,2517,2529,2506,2505,2524,2513,2526,2537,2489,2490,2520,2536,2488,2532,2500,2515,2503,2493,2527,2523,2510,2525,2498,2499,2528,2507,2487,2511,2521,2502,2491,2519,2497,2492,2514,2495,2509,2512,1629,3358)) LIMIT 1
Dismiss