WGC Spotlights Contributions by its Members to Local Economies

SEATTLE (Scrap Monster): The latest briefing by the World Gold Council (WGC) indicates that the members belonging to the Council have contributed a total of approximately $57.5 billion to local economies in which they operate, during the previous year.

The contributions comprised of $35.4 billion of payments to in country suppliers, $11.7 billion in employee payments, $10.0 billion in tax payments to governments and $450 million in payments to communities. These contributions circulate in the local economy, thus generating economic prosperity and wealth of local workers and their communities in general.

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In 2021, the WGC members operated in as many as 37 countries across the globe, employing close to 250,000 direct employees and roughly 140,000 direct contractor employees. These 390,000 total direct jobs supported nearly 2.7 million indirect jobs, including downstream suppliers. By taking into account, the additional jobs created as a result of the increased economic activity associated with gold mining, the total jobs supported by the industry comes close to 4 million. Mover, much of these jobs are held by locals.

The gold mining activities tend to have great impact on the social and economic development of the areas in which they operate, WGC noted.