Expanding Access and Enhancing the Economic Benefits of Education in the Maldives : Challenges and Prospects
Human capital is the central determinant of economic well-being and social advancement in the modern global economy. The key characteristic that distinguishes between advanced economies, middle-income economies and low-income economies is the knowl...
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| Language: | English en_US |
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Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2012/05/16261245/expanding-access-enhancing-economic-benefits-education-maldives-challenges-prospects http://hdl.handle.net/10986/17982 |
| Summary: | Human capital is the central determinant
of economic well-being and social advancement in the modern
global economy. The key characteristic that distinguishes
between advanced economies, middle-income economies and
low-income economies is the knowledge content of their
economic activities and production processes. Industry,
agriculture and especially services have become increasingly
knowledge and skill intensive in recent years. Further, the
dominance of knowledge and skills is increasing at an
accelerating rate. Among advanced economies, for instance,
the education levels of their populations is the single most
important factor determining their economic performance
[Hanushek and Welch (2006), Hanushek and Woessmann (2008)].
Among middle-income and low-income countries, too, economies
that have high education attainment enjoy considerable
welfare gains [Fasih (2008), Patrinos and Psacharopoulos
(2011)]. Human resource development is particularly
important for the economic development of small states
[Martin and Bray (2011)]. Education also produces a variety
of social benefits. These include healthier and better
nourished families and children; the creation of the
enlightened citizenry needed for a modern liberal democracy;
and the promotion of social mobility [OECD (2012)]. This
paper offers an overview of the general education system and
the current status of access and participation in the
Maldives. This is followed by a discussion of the economic
and social benefits of investment in education. The paper
concludes by discussing options to expand access and
participation at education levels where the Maldives lags
behind other comparable small island economies. |
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