Investing in Future Skills Can Add $8.3 Trillion to Global Economy: WEF

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Widespread investment in the skills of the future for the next-generation workforce of today and tomorrow could add $8.3 trillion in productivity gains to the global economy by 2030, according to the World Economic Forum.

The Reskilling Revolution initiative, a coalition of 50 CEOs, 25 ministers and 350 organizations committed to realizing these benefits for their economies, societies and organizations, marked two years on Wednesday at the 2022 annual meeting of the World Economic Forum (WEF) in Davos of progress.



Their work will benefit over 100 million workers on their journey to reaching 1 billion people with better education, skills and an economic opportunity by 2030, it said.

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

The Reskilling Revolution initiative, launched at the 50th Annual Meeting of the World Economic Forum in January 2020, is working to provide 1 billion people with better education, skills and economic opportunity by 2030.

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

“At a time of multiple labor market disruptions – the pandemic, supply chain changes, the green transition, technological shifts – the only investment all governments and businesses can make without regret, which is in education, reskilling and upskilling is the best way to expand opportunities, improve social mobility and accelerate future growth,” said Saadia Zahidi, executive director of the World Economic Forum.

Two years after its work, the initiative will go beyond the retraining and upskilling of adults and will focus on education for children and young people.

Those efforts will be driven by a new Education 4.0 Alliance, bringing together 20 leading education organizations for the forum’s 2022 annual meeting, according to the WEF.

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

China, the US, Brazil, Mexico and Italy are the five countries that will benefit the most, while the benefits would be greatest relative to the size of their current economies in sub-Saharan Africa and Latin America.

(Only the headline and image of this report may have been edited by Business Standard contributors; the rest of the content is auto-generated from a syndicated feed.)

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