Sign up

Have some pie!

World Bank calls for worldwide investment

The World Bank has called on governments worldwide to increase their investment in education after their recently created Human Capital Project found a global learning crisis in preparing the population for the future of work.

Students will be no be prepared for the future of work without further investment, according to a World Bank report. Photo: World BankStudents will be no be prepared for the future of work without further investment, according to a World Bank report. Photo: World Bank

Marmolejo said he hoped the HCP would push governments to invest further to improve their global position

Unveiled at the World Bank and International Monetary Fund’s annual meeting in Indonesia, the report measured countries’ success in human capital development, noting significant funding gaps were “leaving the world poorly prepared for what lies ahead”.

“This index is going to have comparable evidence… and that is where controversy is going to come”

“[There is a] learning crisis in education because of a lack of alignment between strategies related to teachers, learners, and school management,” said Francisco Marmolejo, tertiary education global coordinator at the World Bank.

“The beauty of this sort of index is basically… comparable evidence… and that is where controversy is going to come,” he said.

Speaking prior to the project’s launch, Marmolejo said the index was not meant to be used as a ranking but anticipated it would be viewed as such, adding he hoped doing so would push governments to increase investment in a bid to improve their global position.

The report’s methodology measured human capital by anticipating the outcomes of a child born today against the education they will receive in their home country.

“The productivity of the future worker is explained by those factors that were playing a role on his or her development,” said Marmolejo.

Among its findings, an additional year of education generates higher earnings, especially for those in low to middle-income countries and for women, but the report added the quality of education had more impact.

Within the US, the HCP concluded replacing a low-quality elementary school teacher with one of average skills would increase a classroom’s combined lifetime earnings by $US250,000.

African countries were ranked lowest, with Chad and South Sudan taking the bottom spots. Singapore, meanwhile, ranked first, followed by South Korea, Japan and Hong Kong, with the UK and US sitting at 15th and 24th, respectively.

Related articles

Still looking? Find by category:

Add your comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: All user contributions posted on this site are those of the user ONLY and NOT those of The PIE Ltd or its associated trademarks, websites and services. The PIE Ltd does not necessarily endorse, support, sanction, encourage, verify or agree with any comments, opinions or statements or other content provided by users.
PIENEWS

To receive The PIE Weekly with our top stories and insights, and other updates from us, please

SIGN UP HERE