Advertisement

Education

Updated on: Tuesday, December 07, 2021, 03:04 PM IST

Covid may cost students $17 trillion in lifetime earnings, says World Bank

The World Bank, UNESCO, and UNICEF reported that school closings due to the COVID-19 pandemic may result in students losing about 14% of today's global GDP in lifetime earnings in present value.
Advertisement

The World Bank, UNESCO, and UNICEF reported that school closings due to the COVID-19 pandemic may result in students losing about 14% of today's global GDP in lifetime earnings in present value.

The updated projection reveals that the impact of Covid-19 is more severe than previously thought and far exceeds the estimate of $10 trillion, the multilateral agency said in a release. The report, The State of the Global Education Crisis: A Path to Recovery, said in low- and middle-income countries, the share of children living in 'learning poverty' could potentially reach 70%, given the long school closures and the ineffectiveness of remote learning to ensure full learning continuity during school closures.

"Now, 21 months later, schools remain closed for millions of children, and others may never return to school. The loss of learning that many children are experiencing is morally unacceptable. And the potential increase of learning poverty might have a devastating impact on future productivity, earnings, and well-being for this generation of children and youth, their families, and the world's economies," the release quoted World Bank Global Director for Education Jaime Saavedra as saying.

According to the report, less than 3% of governments' stimulus packages have been allocated to education. It suggested that reopening schools must remain a top and urgent priority globally to stem and reverse learning losses. End US$1 = 75.42 rupees Reported by Sagar Sen Edited by Avishek Dutta Cogencis news is now informist.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Tuesday, December 07, 2021, 03:04 PM IST
Advertisement