What is the News?
The World Bank and UNESCO released the Education Finance Watch Report (EFW), 2021.
About the Education Finance Watch Report:
- The report is a collaborative effort between the World Bank and UNESCO’s Global Education Monitoring (GEM) Report.
- It summarizes the available information on patterns and trends in education financing around the world.
Key Findings of the Education Finance Watch Report:
- Global spending on education has increased continuously in absolute terms over the last 10 years. However, the pandemic may interrupt this upward trend.
- Education Budgets: 2/3rd of low and middle-income countries reduced their education budgets since the start of the Covid-19 pandemic. In comparison, only a third of upper-middle and high-income countries have reduced their budgets.
- Spending on Child’s Education: Before the COVID-19 pandemic, high-income countries were spending annually the equivalent of $8,501 for every child’s education. It was $48 in low-income countries. The pandemic has further widened this spending gap.
- Access to education has improved in low and middle-income countries. However, the learning poverty rate (the proportion of 10-year-olds unable to read a short, age-appropriate text) was at around 53%. It was only 9% for high-income countries. This has increased further to 63% after COVID-19-related school closures.
Global Education Monitoring Report(GEM Report):
- Published by: It is an annual report published by UNESCO. The report was formerly known as the Education for All Global Monitoring Report.
- Mandate: The report aims to monitor progress towards Sustainable Development Goal 4 (SDG 4) on education. It also targets education-related goals in the SDG agenda.
Source: Down To Earth