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School Closure to Affect India Financially: World Bank
Why is it in news?
- According to the World Bank, school closures amid the COVID-19 pandemic could dent India’s future earnings.
- India could face loss anywhere between $420 billion and $600 billion, as depleted learning levels of students will translate into poorer productivity going forward.
More from World Bank:
- As many as 5.5 million students could drop out of schools across South Asia.
- Dropouts, combined with substantial learning losses, would cost South Asia as much as $622 billion in future earnings and gross domestic product.
- South Asian governments spend only $400 billion a year on primary and secondary education.
- The average child in South Asia may lose $4,400 in lifetime earnings, once having entered the labour market.
Social Consequences of Lockdowns:
- World Bank has flagged “far-reaching consequences” of lockdowns, apart from the damage to businesses.
- Hardships over consumption patterns on poor and vulnerable households, especially urban migrants and informal workers.
- Labour productivity will also be hit from COVID-19 than most previous natural disasters, due to the disruptions in training and education.