At the Annual Meetings of the World Bank Group and International Monetary Fund in Bali, Indonesia, the World Bank highlighted the importance of human capital for economic development.
Central to the World Bank’s motivation for the Human Capital Project is evidence that investments in education and health produce better-educated and healthier individuals, as well as faster economic growth and a range of benefits to society more broadly. As part of this effort to accelerate more and better investments in people, the new Human Capital Index provides information on productivity-related human capital outcomes, seeking to answer how much human capital a child born today will acquire by the end of secondary school, given the risks to poor health and education that prevail in the country where she or he was born.
Human Capital Project
As one of the forerunners of the World Bank’s new Human Capital Project, Tunisia was one of the six countries that presented their vision for human capital development at the World Bank Annual Meetings held October 10 – 11 in Bali, Indonesia.
Enhancing the taxation system in a fair, transparent, and efficient way in the new digital world is essential for countries looking to invest in their human capital, said Karishma Vaswani, Correspondent for BBC Asia Business and moderator of the dynamic event ‘Fair and Transparent Taxation in the Digital Age’ in Bali, Indonesia. Leaders from government, private sector, civil society, and academia gathered to explore the implications of technology on countries’ efforts to mobilize domestic resources to fund the Sustainable Development Goals.
Today, the World Bank Group released the first Human Capital Index (HCI), a new global indicator to measure the extent to which human capital in each country measures up to its full potential.
The HCI is part of the World Bank Group’s Human Capital Project intended to raise awareness about the critical role human capital plays in a country’s long-term growth and to galvanize the country’s will and resources to accelerate investments in its people as its most important asset.
As dire as this may sound, the overall HCI score places Afghanistan just around a place where it is expected given its income level—in fact, slightly higher than an average low-income country.
Many of us have vivid memories of the joy and excitement of young adulthood, but this can also be a time of stress, apprehension and fear of the unknown. For many young people, this unease can lead to acute anxiety, severe depression or substance use disorders, if not recognized and managed.
Young people living in environments where they face death and suffering daily, such as in West Africa during the Ebola epidemic of 2014-2015, in post-tsunami or earthquake-affected areas, or in countries experiencing extended conflict and violence, are particularly vulnerable to mental distress and illness.
This year’s World Mental Health Day, on Oct. 10, recognizes this critical time in life with the theme “Young People and Mental Health in a Changing World.” Many changes occur during adolescence and the early years of adulthood, but they are not always acknowledged or treated.
Just look around the world: .
To meet that challenge and be able to compete in the global economy, countries need to prepare their workforces now for the tremendous challenges and opportunities driven by technological change.
To that end, .
The Index will be released on October 11 at the Bank’s Annual Meetings in Bali as part of the Human Capital Project, a global effort led by the Bank to accelerate investments in people for greater equity and economic growth.
No doubt, any country ranking gets high visibility and, sometimes, meets controversy. But I hope it triggers a dialogue about policies to promote investments in people.
To be clear, —or the “frontier”.
The index, irrespective of whether it is high or low, is not an indication of a country’s current policies or initiatives, but rather reflects where it has emerged over years and decades.
The index ranges from 0 to 1 and takes the highest value of 1 only if a child born today can expect to achieve full health (defined as no stunting and survival up to at least age 60) and complete her education potential (defined as 14 years of high-quality school by age 18).
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. As we said in this month’s Global Economic Prospects report, for the first time since the financial crisis, the World Bank is forecasting that the global economy will be operating at or near full capacity. We anticipate growth in advanced economies to moderate slightly, but growth in emerging markets and developing countries should strengthen to 4.5% this year.