beaten-or-broken-informality-and-covid-19-report-world-bank

 

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Context: The World Bank has recently released a latest South Asia report titled “Beaten or broken: Informality and COVID-19.

Key findings of the report

  • South Asia:
    • As many as 5.5 million students could drop out of schools across South Asia, according to the report.
    • This figure may also climb further to $880 billion, as per a more pessimistic scenario on the lifetime impact of school closures on the productivity of this generation of students.
    • Far reaching impact:
      • South Asian governments currently spend only $400 billion a year on primary and secondary education, so the total loss in economic output would be substantially higher.
      • The average child in South Asia may lose $4,400 in lifetime earnings once having entered the labour market, equivalent to 5% of total earnings.
      • WB has said dropouts, combined with substantial learning losses for those who remain enrolled in schools, would cost the South Asia region as much as $622 billion in future earnings and gross domestic product.
  • India specific findings:
    • The extended closure of schools amid the coronavirus pandemic could dent India’s future earnings by anywhere between $420 billion and $600 billion, as depleted learning levels of students will translate into poorer productivity going forward.
  • Massive learning and earning losses:
    • Education sector came to a standstill and efforts to teach children during school closures proved challenging. 
    • Impact of COVID-19 has kept 391 million students out of school in primary and secondary education, further complicating efforts to resolve the learning crisis.
    • Being out of school for a long duration also means that children not only stop learning new things, they also forget some of what they have learned.
    • The report has added that engaging children through remote learning programmes had been difficult, despite most governments’ best efforts
    • The projected learning loss for the South Asia region is 0.5 years of learning-adjusted years of schooling at present, and this will already lead to substantial future earning losses, the World Bank estimated.

Learning Adjusted Year of Schooling (LAYS) concept

  • Introduced by the WB, it seeks to combine access and learning outcomes into a single measure.
  • It combines quantity (years of schooling) and quality (how much kids know at a given grade level) into a single summary measure of human capital in a society.

How Covid 19 pandemic affects overall productivity of the economy?

  • The increased integration of the global economy will amplify the adverse impact of COVID-19. 
  • The efforts of contagion prevention and physical distancing may render some activities, for example the hospitality sector, unviable unless they are radically transformed.
  • Even in less directly affected sectors such as manufacturing, banking and business, severe capacity underutilisation lowers total factor productivity while restrictions to stem the spread of the pandemic remain in place. 
  • Also, disruptions to training, schooling and other education in the event of severe income losses, even once restrictions are lifted, will also lower human capital and labour productivity over the long term.

After reading this article, answer the following question for Mains answer writing practice. Also you can get your answer checked free of cost by clicking on the following link.

For Mains:https://www.jatinverma.org/home/typepost/dailymainsanswerwriting

Q. In the light of a recently released report by the World Bank titled “Beaten or broken: Informality and COVID-19, analyze the impact of COVID-19 on learning outcomes.