Monday 08 August 2022 - 11:38:11 am

Investing in education could add $2.54 trillion to the global economy: WEF


GENEVA, 17th May, 2022 (WAM) -- A worldwide improvement in students’ capacity for problem-solving to the average level of today’s top 10 scoring countries could add an additional $2.54 trillion to the global economy, World Economic Forum (WEF) said in its latest report.

The compound effects of the pandemic, pre-existing inequalities, and the rapid technological change of the Fourth Industrial Revolution (4IR), mean that returning to the status quo not only risks undermining the global economic recovery, but also of holding back the potential of an entire generation, it added.

"To enable children to thrive, we must focus on creating learning systems that develop the skills that children, families, communities and societies really need for both today and tomorrow," according to World Economic Forum’s vision for a future-proof Education 4.0.

Children today need to find their way in an increasingly uncertain world – a post-pandemic world of climate change, automation and rapid digitisation, the report noted.

The Forum’s latest report, the Economic Case for Education 4.0, shows that this is not simply good for children, but also good for the economy.

"Play is the most natural way that children learn to not only read and write, but also develop physically, socially, cognitively, creatively and emotionally. Yet, this is not widely reflected in education systems.

"Changing systems to better reflect this relationship between learning and play will require a mindset shift, as well as collaboration from parents, teachers and policymakers," according to the report.

The report suggested that investing in the workforce and supporting teachers to teach in new ways, using innovative teaching methods, is critical to unlock these skills. "Such methods build motivation, engagement, voice and agency and ensure children maintain their curiosity and excitement for learning.

"And children who love learning potentially grow into adults who are better equipped to adapt to the changing workforce needs of dynamic economies. The good news is that education innovators don’t need to reinvent the wheel – there is strong evidence from many countries that learning through play is effective."

As part of the global post-pandemic recovery, there is currently a unique window to identify opportunities for strategic investment to transform learning and to reimagine education.

It requires investment in upskilling and innovative pedagogical development of the teaching workforce, as well as new assessment mechanisms and adoption of new learning technologies.

To reimagine what learning can and should look like today and in the future, systems should be inclusive, focus on the breadth of skills needed, and leverage technological and pedagogical innovation to put learners first, the report said, and suggested, "to harness this opportunity, policymakers need to make dedicated, visible public commitments to support the transformation of education and deliberately promote skills and a playful approach to education."

"All stakeholders – from governments and non-governmental agencies, to businesses, investors, and educators, parents and caregivers, as well as learners themselves – have a role to play in supporting the growing movement to make Education 4.0 a universal reality," the report concluded.

WAM/Tariq alfaham/MOHD AAMIR/Hazem Hussein