Research Series: The Economic Case for LGBTQ+ Inclusion in Serbia
Open for Business and the World Bank estimate that diminished public health outcomes in the LGBTQ+ community and workplace exclusion of LGBTQ+ people can cost Serbia more than RSD 47 billion (USD 443 million) per year.
On the other hand, Open for Business analyses show that globally, a 10% increase in LGBTQ+ rights is associated with a USD 3,700 per capita GDP increase (see National Economic Growth, page 35). Rather than lose economic power from discriminatory practices, Open for Business suggests a number of economic and business propositions that will enhance economic growth while building greater inclusion and diversity in the region.
Key findings from the report include:
Skilled workers in Serbia are leaving to work in more open societies. Serbia faces a brain drain crisis. World Bank-LinkedIn data analyses shows that Serbian workers are leaving to work in more open countries.
Public health outcomes are worse for the LGBTQ+ community and have a cost to Serbian society. Minority stress, a pervasive anti-LGBTQ+ environment, and concerns about safety while living openly, fuel higher levels of discrimination and HIV in the LGBTQ+ community. The situation is associated with costs due to disability and lost wages.
Serbia’s reputation as a non-inclusive society for LGBTQ+ people impacts its ability to attract talent, companies and investment. Data and news about the country’s anti-LGBTQ+ policies are creating a less than welcoming environment for growth.
LGBTQ+ friendly companies outperform their rivals. Data from open for Business’ global research and interviews with local companies demonstrate there is a diversity dividend.