COVID-19: Students Face $17 Trillion Loss In Lifetime Earnings
UN News – School closures during the COVID-19 pandemic could result in a staggering $17 trillion in lost lifetime earnings for today’s students, according to an UN-backed report issued.
2021-12-07 20:29:57 - VI News Staff
The projection is among the findings of The State of the Global Education Crisis: A Path to Recovery, published by the World Bank, the UN Educational, Cultural and Scientific Organization (UNESCO) and the UN Children’s Fund (UNICEF).
The figure is calculated in present value, representing roughly 14 per cent of the current Gross Domestic Product (GDP).
It far exceeds the $10 trillion estimates from a year ago, revealing that the impact is more severe than previously thought.
Loss ‘Morally Unacceptable’
The pandemic brought education systems across the world to a halt, said Jaime Saavedra, World Bank Global Director for Education. More than 20 months later, millions of children remain shut out of school, while others may never return.
Furthermore, the report shows that in low and middle-income countries, the share of children living in “learning poverty” could jump from 53 per cent to 70 per cent.
“The loss of learning that many children are experiencing is morally unacceptable,” said Mr Saavedra.
“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 report reveals that real data is now corroborating simulations estimating that school closures resulted in significant learning losses.
Education Inequities Worsen
Regional evidence from countries such as Brazil, Pakistan, India, South Africa and Mexico details substantial losses in maths and reading skills, sometimes roughly proportional to the length of school closures.
There was also diversity across countries, and by subject, students’ socioeconomic status, gender, and grade level.
However, evidence from across the world suggests the pandemic has exacerbated inequities in education, with children from low-income households, those with disabilities, as well as girls, less likely to access remote learning.
Additionally, younger students had less access to remote learning and were more affected by learning loss than older counterparts, especially pre-school age children.
Furthermore, the most marginalized or vulnerable students were disproportionately impacted, among other findings.