School drop-outs and education gaps will cost the global economy $10 trillion a year by 2030, a new report has said.
This is equivalent to more than the annual GDPs of France and Japan combined, according to a UNESCO report titled ‘The price of inaction: The global private, fiscal and social costs of children and youth not learning’.
Conversely, the report estimates that reducing the proportion of early school leavers or those without basic skills by just 10 percent would increase annual GDP growth by 1 to 2 percentage points. Education, therefore, appears to be one of the best investments a country can make.
Social damage
Beyond these financial considerations, the report warns of the significant social damage caused by these educational shortcomings. Gaps in the acquisition of basic skills are associated, worldwide, with a 69 percent increase in early pregnancies among young girls, while each year of secondary education contributes to reducing the risk of girls marrying and having a child before the age of 18.
While 250 million girls and boys are currently excluded from access to education across the globe, the UNESCO report analyses for the first time the economic and societal cost of educational deficiencies. Audrey Azoulay, director-general of UNESCO, calls on the organization’s member states to break the “vicious circle” of school drop-outs as quickly as possible.
Education a strategic investment
“$10,000 billion a year – the global cost of school drop-out and lack of education is staggering. In addition to these financial considerations, there is a considerable social impact. The message in this UNESCO report is clear: education is a strategic investment – one of the best investments for individuals, economies and society as a whole. I call our member states to ensure that this universal right becomes a reality for every human being as soon as possible,” the UNESCO director-general said.
During a gathering of education ministers on Monday at UNESCO headquarters in Paris, Audrey Azoulay called on the organisation’s 194 member states to “respect their commitment to transform education from a privilege to a prerogative for every human being throughout the world”. The director-general also recalled that “education is an essential resource for meeting the challenges of today, from poverty reduction to the fight against climate change”.
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