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Investing in quality education fosters economic growth, peace, political stability

Md. Masbaul Hossain  | .
Update: 2024-10-26 14:13:10
Investing in quality education fosters economic growth, peace, political stability

Education serves as the foundation of any civilized society. Albeit noteworthy progress has been achieved in respect of broadening access to education almost at all levels, major changes are needed in the case of providing quality education for all. Providing quality education at all levels ought to be a priority for ensuring inclusive economic growth, societal peace and political stability considering the present scenario of aspirations for new Bangladesh.

Education is a fundamental conduit for global peace and security objectives beyond the societal and economic benefits. In an era of aspirations for new Bangladesh, prioritizing investing in education is pivotal for building resilience within this nation. As the OECD (Organisation for Economic Co-operation and Development) highlights, “Investments in human capital can be a source resilience over the long term and help ensure the well-being of future societies, especially countries with large population.” Studies by the World Economic Forum show that prioritizing investing in quality education is necessary to protect economies from sudden shocks and rapidly changing labor markets.

Developing countries including Bangladesh have made significant progress in terms of access to education. There has been remarkable progress in the case of getting children into school. The Covid-19 pandemic has had a negative impact on education outcomes. According to UNESCO (United Nations Educational, Scientific and Cultural Organization), more than 1.6 billion students around the world have been impacted by school closures during the pandemic causing huge learning losses. As an aftermath, the World Bank estimates that pandemic related education deprivations put this generation at the risk of losing USD 21 trillion in potential life time earnings. There are some gaps and challenges in this arena, till date.

Firstly, whereas now-a-days most of the children have gone back to attending school, the quality of education is often inadequate. Most of the students at the primary level are not acquiring foundational knowledge and skills. In most of the low and middle-income countries including Bangladesh, approximately seven out of every ten children are unable to read and understand a simple text by the age of ten. For millions of students in Bangladesh, their education system and training organizations are not equipping them with the knowledge and skills that employers demand. That’s why, young people are unable to find jobs that match their aspirations. Such gaps suggest that education can be a source of frustration for youth while it could have been a promise of employment and higher earnings. Secondly, the deficits in the education system affect women and girls disproportionately compared to their male counterparts. This phenomenon may result in lesser access to schooling and poor learning outcomes. Numerous reasons can be traced why girls schooling is hindered, including violence, child labor and cultural factors etc. The practice of early, forced and child marriage compels girls to leave schools, for example. Thirdly, investing in quality education needs to a priority for a developing country like Bangladesh. Albeit government has competing priorities like finance-debt servicing, commodity imports and energy supplies etc. and need to have hard choices on where to allocate its budget, the concerned authority needs to ensure that these priorities are not crowding out education spending.

Digital literacy can empower citizens through utilizing digital tools such as internet and mobile applications which may contribute building stronger democracies. Children of today and of the upcoming years will need to know how the digital ecosystem works, including the principles and values embedded in the digital tools they use.

While Bangladesh faces many economic challenges, she has done a remarkable job educating her girls. In Bangladesh the national investment in women and girls is far better than in any other South Asian country including India. Partly as a resultant effect, the per capita income has increased more than twenty-nine(29) times since 1960 (Source:World Bank). In order to mitigate conflict factors such as unemployment, poverty and lack of economic opportunities, the government supported women’s education and inclusion in the workforce. Some successful programs focused on micro-lending, school attendance and increasing factory jobs. In turn, girls’secondary school enrollment has increased from 41 percent in 1998 to 77 percent in 2022 (Source: World Bank) and at least 59.71 percent girls completed secondary education in 2021 (Source: Bangladesh Bureau of Educational Information and Statistics) compared to 30 percent in 2011. This increase in female education is reflected in women’s labor-force participation rates.

Education is and will remain a fundamental enabler of opportunities for individuals, and innovation and growth for economies, but this narrative cannot alone be sufficient to prioritize investing in quality education. A new narrative is needed to refocus attention on this agenda, what connects development, education and security factors in a more focused discussion. Investing inquality education should be linked to various policy issues such as peacebuilding, women’s empowerment and responding to state fragility etc. A well-educated population is needed now more than ever to protect and augment gender equity, combat climate crises and building a safer and more prosperous world for future generations.

The writer is Senior Assisstant Secretary pursuing MPA at BIGM

BDST: 1410 HRS, OCT 26, 2024
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