Development News from Sri Lanka: The World Bank today published a new report to guide policymakers and development professionals across Sri Lanka in better investing in all Sri Lankans ‘ health and education. The Sri Lankan Human Capital Development Report: Achieving the Promise and Potential of Human Capital is part of the Human Capital Project, a worldwide initiative led by the World Bank since 2018 that acknowledges essential imports. The initiative involves the Human Capital Index that measures and forecasts the human capital of a country through the birth-to-adulthood life-cycle of a child.
The study finds that in 2019, with an general rating of 58 percent and a ranking of 74 out of 157 nations, Sri Lanka performs moderately well worldwide. If present circumstances of education and health continue, the study states that a kid born in Sri Lanka today will be about half as productive as she or he might have had they liked full education and health.
“People in any nation are the most precious resource and investing in individuals is intelligent economics,” said Idah Z. Pswarayi-Riddihough, County Director of the World Bank for Nepal, Sri Lanka and Maldives. “Technology and automation are radically altering the very nature of the job and reshaping sector. Today’s primary school children are likely to work in employment that may not even exist right now. Developing their human capital to a fresh and greater stage will be crucial to making Sri Lanka an upper-middle-income economy.” Sri Lanka performs well at the age of 5, expected years of education, the survival of adults, and stunting. The primary limitations to obtain a greater rating for Sri Lanka are under-nutrition and insufficient learning results in college on average.
“Sri Lanka needs to tackle the development of human capital from the twin perspectives of upper-middle-income growth and national equity,” said Harsha Aturupane Lead Economist and Human Development Program Leader for Sri Lanka and the Maldives. “For provinces where human capital is less sophisticated, greater resources and policy attention are required, while fast improvements in human capital are also required in the more developed provinces.”
The World Bank helps nations grow their human capital across all educational and training levels. The Sri Lankan Early Childhood Development Project will enhance children’s capacity to access early learning possibilities from poor families. Through the General Education Modernization Project, World Bank support to the general education industry improves the quality of the general education scheme. It also adds to improved English and Mathematics teacher performance and student learning outcomes. The Accelerating Higher Education Expansion and Development Project (AHEAD) enables the nation to boost enrollment for economic development in priority fields, enhance the quality of graduate programs, and encourage research and innovation.