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The lack of investment in education, which generates dropouts and educational deficiencies, costs trillions of dollars globally each year, points out a UNESCO study.
In a report entitled “The price of inaction: the private, social and fiscal costs of children and young people who do not learn“, experts from the UN Educational, Scientific and Cultural Organization have estimated the global cost of dropping out of school and educational gaps at $10,000 billion for the year 2030.
A “dizzying” figure, which exceeds the combined GDP of France and Japan, two of the richest countries in the world, observes UNESCO Director General Audrey Azoulay, in a press release.
Ms Azoulay points to the “vicious circle” of “underinvestment in quality education”. “People with less education have fewer skills. Under-qualified workers earn less. Low-income people pay less taxes, which means governments have fewer resources to invest in education systems accessible to all“, she unfolds.
Some 250 million children (128 million boys and 122 million girls) were not going to school worldwide in 2023, according to UNESCO, and “approximately 70% of children in middle- and low-income countries cannot understand simple written text by the age of 10“, according to Ms. Azoulay.
According to the report, the skills gap reaches 94% in sub-Saharan Africa, 88% in South Asia and West Asia, 74% in Arab countries and 64% in Latin America and the Caribbean.
By reducing the number of young people out of school or insufficiently trained by 10%, global GDP would grow by 1 to 2% per year, UNESCO experts also conclude in this study.
“Education is a strategic investment, one of the best for individuals, economies and societies in general“, says Audrey Azoulay.
Beyond financial considerations, education has an impact on early pregnancies, which increase by 69% among less educated young girls, underlines UNESCO.