Open for Business: LGBTQ+ inclusion has serious economic benefits

By: Trademagazin Date: 2024. 11. 26. 10:17

The Open for Business coalition, which includes global corporations, released a new report this week that examines the economic benefits of LGBTQ+ inclusion in Hungary. The report estimates that LGBTQ+ discrimination could cost Hungary up to HUF 193.2 billion annually.

The areas and indicators affected are as follows:

National productivity: Economic discrimination against LGBTQ+ people could cost Hungary up to HUF 162 billion annually. According to the European Union Agency for Fundamental Rights, a quarter (23%) of the Hungarian LGBTQ+ community will face discrimination when looking for a job in 2023. This is hampering the productivity of the entire country.

Brain drain: Hungary has lost a significant part of its skilled workforce in recent years to more open societies, especially Germany, Austria and the Netherlands. In 2023, 33,700 people left the country – the highest number since Viktor Orbán came to power in 2010. Furthermore, more than half (54%) of 16-24 year-olds strongly believe they would work abroad within ten years, while only 6% said they would stay in Hungary. Data from the World Bank and LinkedIn show that more open and tolerant societies attract talent.

Public health: Poorer health outcomes due to LGBTQ+ discrimination could cost Hungary up to HUF 31.6 billion annually, of which HUF 22.7 billion is spent on HIV and AIDS treatment, while HUF 8.9 billion is spent on higher rates of depression among LGBTQ+ people.

Corruption: Hungary is the most corrupt country in the European Union for the second year in a row, according to Amnesty International. Open for Business data shows that LGBTQ+ rights and corruption levels are closely linked, and in fact, improvements in LGBTQ+ rights predict steps taken to curb corruption.