Daily Management Review

World Bank’s New Index Of Investment In 'Human Capital' Dominated By Asian Countries


10/11/2018




World Bank’s New Index Of Investment In 'Human Capital' Dominated By Asian Countries
A new measure coined by the World Bank called the “human capital index” which measures youth mortality, schooling and health was dominated by Asian countries. It is possible that lifetime earnings could be doubled by more than half the children born this year because of increasing investment in health and education, the organization said.
 
The bank said that the aim of coining and measuring this new index is to force countries into increasing their efforts “to ensure a healthy, educated and resilient population ready for the workplace of the future” by shaming them.
 
High life expectancy figures, education exams results and universal healthcare system put Singapore at the top of the list for the new human capital index. South Korea, Japan, Hong Kong and Finland were the other four in the top five in the list.  Ireland was sixth and Australia was seventh, with the UK in 15th behind Austria, Slovenia and the Czech Republic but above France and the United States.
 
The Washington-based development organisation said in a report that the bottom of the index list was dominated by African countries. The report mentioned that many of the African governments have not been able to make significant investments to ensure that millions of children in the continent gad access to enough diet, healthcare and education during the early stages of their life so that they are ready to take on responsibility for skilled jobs later in their life.
 
There has been gains made in the area of enhancing the number of children at school and mortality rates in the last 40 years, acknowledged the World Bank in the report which was launched in Bali. But the report also acknowledged that countries should accord greater focus on children of young age or there would be serious consequences of them growing up without or with few little skills suitable for the modern workplace.
 
While dismissing criticisms that argue that there is a lack of resources at the hands of many countries to enhance the life chances of children, Jim Yong Kim, the president of the World Bank said that measures to enhance life chances could be implemented by even the poorest of countries.
 
The solution to the problems for developing countries was not in handing them more money, he said, and added that it can be solved by devising better methods of teaching, parenting and ensuring healthcare facilities.  
 
“For the poorest people, human capital is often the only capital they have. It is a key driver of sustainable, inclusive economic growth, but investing in health and education has not gotten the attention it deserves,” he said.
 
“This index creates a direct line between improving outcomes in health and education, productivity, and economic growth. I hope that it drives countries to take urgent action and invest more – and more effectively – in their people.”
 
Three components make up this new index and includes mortality rates at five years old, quality and quality of education and healthy growth among children aged below five.
 
(Source: theguardian.com)






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