“What are you waiting for? Get out there and create your future”. This conveys the spirit of Mohammed Yunus’ lecture last week at the World Bank. His messages on social business and entrepreneurship raised a number of questions as to how we think about education, skills, employment and the future prospects of youth in the world.
Private Sector Development
The following piece appeared as a guest blog in the UK's Guardian this past week.
A good public education system means public spending – but not necessarily public provision.
In OECD countries, more than 20% of public education expenditure goes to private institutions – communities, non-governmental organisations (NGOs), faith-based organisations, trade unions, private companies, small informal providers and individual practitioners – and about 12% is spent on privately-managed institutions.
But does private participation mean higher quality education? Does it bring better exam results? Can it encourage greater equality?
The World Bank Group’s new Education Strategy 2020 champions learning for all and recognizes that global progress towards this goal will require the commitment of all actors – including governments, communities and private entities. The strategy acknowledges the vital role the private sector can play in helping expand and improve educational opportunity. Private sector participation in education is a growing part of education systems and has helped make significant educational advancements possible in many countries.
How can we leverage the valuable contributions of the private sector to help realize the goal of Learning for All?
The headlines are sobering:
• The Arab World has 25% youth unemployment – the highest in the world – and female youth unemployment is even higher reaching over 30%
• The economic loss of youth unemployment costs US$40 to $50 billion annually – equivalent to the GDP of countries like Tunisia or Lebanon
• One third of the population in the region is below the age of 15 – a further third is aged 15 to 29.
• Two thirds of young people surveyed believe they do not have the skills required to get a good job
It is widely held that the revolutions taking place across the Middle East have been fuelled by a generation of youth who are over-educated or poorly-educated and unemployed. Education for Employment (e4e) is an initiative that seeks to ‘realize Arab youth potential’ by providing education opportunities that focus on employability. The World Bank Group's International Finance Corporation (IFC) and the Islamic Development Bank commissioned research for 22 countries across the Arab World with ‘deep dive’ research undertaken in 9 countries. The report found that demand for e4e solutions is substantial and yet supply is nascent. It also identified that critical enablers are missing, such as quality and standard setting, funding mechanisms, internship opportunities and information for young people on the value of different types of education.