Investing in future skills can add $8.3 trillion to the global economy (WEF)


Investing heavily in future skills for today’s and tomorrow’s workforce could add $8.3 trillion in productivity to the global economy by 2030, the World Economic Forum has said.

The Reskilling Revolution initiative, a coalition of 50 CEOs, 25 ministers and 350 organizations determined to deliver these gains for their economies, societies and organisations, marked two years of progress at the 2022 Annual Meeting of the World Economic Forum (WEF) in Davos Wednesday.

Their work will benefit more than 100 million workers on their journey to 1 billion people by 2030 with better education, skills and economic opportunity, he said.

Global inequalities in lifelong learning and education for children, a pandemic that has closed schools and workplaces, and rapid technological change highlight the need to redouble efforts to reskilling, upskilling and the future of learning, noted the WEF.

The Reskilling Revolution initiative, launched at the 50th annual meeting of the World Economic Forum in January 2020, aims to provide 1 billion people with better education, skills and economic opportunities by 2030.

It works with a growing network of country-level national accelerators launched to date in 12 countries – Bahrain, Bangladesh, Brazil, Cambodia, Georgia, Greece, India, Oman, Pakistan, South Africa, Turkey and United Arab Emirates, with knowledge support from Denmark, Finland, Singapore and Switzerland.

”At a time of multiple labor market disruptions – the pandemic, supply chain changes, green transition, technology transformation – the only ‘no regrets’ investment that all governments and businesses can make is in education, retraining and further training. This is the best path to expand opportunities, improve social mobility and accelerate future growth,” said Saadia Zahidi, Managing Director of the World Economic Forum.

Two years into its work, the initiative will expand beyond adult retraining and upskilling and focus on educating children and young people.

These efforts are being continued by a new Education 4.0 alliance, bringing together 20 leading education organizations at the Forum’s 2022 annual meeting, the WEF said.

A new report prepared as part of this project showed that investing in future skills for primary and secondary learners would create an additional $489 billion in Europe, $458 billion in South Asia, $333 billion in East Asia, $332 billion in Latin America, $266 billion in the Middle East, $235 billion in North America, $179 billion in Sub-Saharan Africa and $163 billion in Central Asia.

China, the United States, Brazil, Mexico and Italy are the five countries expected to gain the most, while the benefits relative to the size of their current economies would be greatest in sub-Saharan Africa and the Americas. Latin.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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