Quality Education Counts for Skills and Growth
The quality and relevance of education are paramount to achieve economic growth. International research shows that the subject matter learned and skillset developed in the classroom is the foundation for future success in the work place, and serves...
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| Format: | Brief |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2013/06/17893756/quality-education-counts-skills-growth http://hdl.handle.net/10986/23695 |
| Summary: | The quality and relevance of education
are paramount to achieve economic growth. International
research shows that the subject matter learned and skillset
developed in the classroom is the foundation for future
success in the work place, and serves as a superior
predictor of economic growth compared with the number of
years of school. One recent study, using a database of
comparable test scores for over 50 countries, finds that a
single standard deviation difference in tests scores between
countries equates to roughly 2 percentage points in annual
long-term Gross Domestic Product (GDP) growth. These
findings hold true across high-income, middle-income, and
low-income countries and all geographical regions. Despite
significant investments in formal education, economic growth
in the region has slowed in recent years and there is a need
for improved labor productivity. |
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