Accelerating changes like automation, climate change, and digitalization are reshaping human development, social cohesion, and economic growth. In the next decade, these megatrends are expected to transform over 1.1 billion jobs, demanding new skills from the workforce.
However, the reality is that many individuals lack the skills necessary to become independent learners, able to leverage digital, educational, and employment opportunities. As a result, 450 million youth are disconnected from the opportunities the digital economy offers. Many others struggle to develop non-cognitive abilities that are in high demand, such as communication, problem-solving, and critical thinking. In addition, 23 percent of firms cite inadequate workforce skills as a major constraint to operations.
Due to COVID-19, 220 million post-secondary students dropped out of school or lost training opportunities. With barriers to equitable and inclusive access, enrollment in post-secondary education remains low in low-income countries despite high returns.
ľ¹ÏÓ°Ôº recognizes that skills and higher education systems are at the forefront in nurturing talent and fostering the innovation needed to increase economic engagement, improve productivity, promote economic growth, and support workers in their education and employment transitions for life-long learning. Delaying action could result in a loss equivalent to 17 percent of the current global Gross Domestic Product (GDP), totaling a lifetime loss of US$21 trillion for today's students.
To support countries in building and improving their skills and workforce development systems, the World Bank, in partnership with the Mastercard Foundation, has launched the umbrella multi-donor trust fund for Tertiary Education and Skills (TES). This fund aims to prepare youth and adults for the future of work and society by improving access to inclusive, quality, equitable, and resilient education and training.
