Investment of human capital into national wealth in Ukraine much lower than in Europe – World Bank report
Investment of human capital in national wealth in Ukraine is much lower than in European countries, according to a report of the World Bank.
According to the World Bank's study of the sphere of education in Ukraine, investment of human capital into national wealth in Ukraine is 34% of total national wealth. For comparison, in low-income countries this indicator is 41%, in Europe and Central Asia – 62%, and on average around the world – 64%.
The World Bank said that in Ukraine the percentage of people with higher education is more than 80%, which exceeds the figures of the EU (68%) and countries of the Organization for Economic Co-operation and Development (OECD) (74%), but the level of functional literacy among adults is behind indicators of these countries.
In addition, it is said that in Ukraine, there is a gap between education and employment, especially among young university graduates.
Other areas of concern include: unequal access to schooling, a gap in education among students in urban and rural schools, and less likely that graduates from rural schools will go to higher education (40% of graduates from rural schools compared to 70% of graduates in cities).
The World Bank said that about 50% of Ukrainians do not believe that secondary education provides everyone with the same opportunity of studying for free, and 70% believe that corruption in higher education is very common.
At the same time, according to the World Bank, Ukraine spends 6% of GDP on education, which is significantly more than in OECD countries (4.4%).
Among other things, the World Bank said that Ukraine has a too wide network of schools and universities, which is one of the reasons for the high level of expenses. There are 11 students per teacher in Ukraine, and in the OECD countries this indicator averages 13.1.