The Pandemic Caused to Students $17 Trillion Loss in Lifetime Earnings

IBL News | New York

The World Bank and United Nations’ UNESCO and UNICEF estimate that school closures during the COVID-19 may result in a $17 trillion loss in lifetime earnings for students – an impact more severe than previously predicted.

“The pandemic brought education systems across the world to a halt,” said Jaime Saavedra, World Bank Global Director for Education. “The loss of learning that many children are experiencing is morally unacceptable,” he added.

The State of the Global Education Crisis: A Path to Recovery report — elaborated by the mentioned institutions — says the staggering loss represents 14% of the current GDP (Gross Domestic Product).

This loss takes into consideration the devastating impact on future productivity, earnings, and well-being for this generation of children, families, and the world’s economies.

In the report, countries like Brazil, Pakistan, India, South Africa, and Mexico detail substantial losses in maths and reading skills.

UNICEF and UNESCO suggest reopening schools as the solution. In addition, they recommend governments implement Learning Recovery Programs to ensure students attain competencies.

Reopening schools is the solution that UNICEF and UNESCO point out. In addition, they recommend governments implement Learning Recovery Programs to ensure students attain competencies.