The Economic Case for LGBTIQ Inclusion in Slovakia
The Economic Case for LGBTIQ Inclusion in Slovakia: Key Insights
From an economic and business perspective, Slovakia is in a relatively stable position, yet there are worrying trends that the country will not meet its ambitious growth goals for this decade (to reach 92% of EU average per capita GDP). The current situation LGBTIQ people in the country are facing is extremely challenging.
This level of anti-LGBTIQ activity comes at a cost. It affects the health outcomes and the wages and employment of LGBTIQ people, foreign investment, tourism, and Slovakia’s long-term issue with brain drain. This presents an opportunity for Slovakia.
Just a 10% increase in LGBTIQ rights in Slovakia would lead to an approximate €3,000 per capita GDP increase. This could happen by passing legislation allowing for same- sex partnerships, putting Slovakia on equal ground with the majority of European Union nations.
Bratislava trails the other Visegrad Group capitals in overall openness. Data from the Open For Business 2022 Cities Ratings report finds that Bratislava trails its neighbours on key economic metrics as well as LGBTQ+ acceptance metrics.
Skilled Slovak workers are leaving to work in more open societies. An impressive 62% of university students intend to leave Slovakia! Data also shows that more Slovak workers in “jobs of the future” are leaving the country while Western European countries are gaining these workers.
LGBTIQ spending power is a significant contributor to economies. A review of third-party analyses shows that both global LGBTIQ spending power and local Slovak LGBTIQ spending power is significant and worth attracting. Estimated to 4,2 billion EUR in 2021, this represent ± 5 % HDP of Slovakia that given year.
More economically successful countries have better records on LGBTIQ rights. Analyses demonstrate high correlation between LGBTQ+ rights and: Gross Domestic Product (GDP), The World Economic Forum’s Competitive Index, The Global Innovation Index (GII) from the World Intellectual Property Organization (WIPO).
LGBTIQ friendly companies outperform their rivals. Local and global data concur that companies that do more to openly welcome LGBTQ+ workers are more successful financially.
Our appeal one year ago
Now success
More on Slovakia
Our good friend, German economist and writer Jens Schadendorf recently published a Slovak edition of the GaYmeChanger - the book on how the LGBTIQ community and their allies are changing the global economy now reached also Central and Eastern Europe. It is the very first CEE edition!
It includes a new, exclusive and long chapter on the challenging situation of LGBTIQ people and their allies in Slovakia's communities, public arena and companies, unfortunately with a lot of hate-speech by politicians and the church, and even horrific events such as the murder of tow young queer people in Bratislava in October 2022.
The new chapter also features some encouraging developments, driven by individuals, companies, and civil society organizations. As Jens says: "In fact, we should not forget that companies, in their own interest, can and should play a important role for advancing LGBTIQ equality smartly and courageously, since its good for business and the society and the right thing to do."
Publishing this Slovak edition would not be possible without Matej Ftacnik and Vacuumlabs.
PS: you want to get your copy of the Slovak edition? Reach out to us at East meets West: info@eastmeetswest.eu