RIYADH: Education is the best investment, and governments must plow more resources in to get more out, a UN expert who has run the numbers has said during a Riyadh forum.
Yanchun Zhang, the UN Development Program’s chief statistician, said that her work on the Human Development Index has convinced her that rising GDP is just one indicator of a successful country.
Her research on the index, she said, showed that countries that have invested in education grow more sustainably and robustly.
“People and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone,” she said during an interview at the Future of Education, Science and Culture forum.
“Public funding is very important,” she said, adding that improving education systems, even if expensive, opened doors to culture, science and technology.
“Funding from the state is crucial and still the main source that provides access to education,” she states. “Of course, the private sector can be important but I think the importance of public education cannot be emphasized more.
“If you look at countries that have very high educational achievements they all invested heavily in education.”
“It is about choices and setting priorities. If there is no public funding, then where have the government revenues gone to? If you look at the budget allocation, then you can ask the question and citizens should ask the question.”
Zhang said access to education in the Middle East has been uneven, especially in countries burdened with economic challenges and conflict such as Syria, Yemen, Iraq, Egypt and Libya.
“There is definitely uneven progress within the Middle East region — even a lack of progress or a regression,” she said.
“In countries like Syria and Lebanon — their HDI (score) has been declining. It is very unfortunate to see how some countries in the region are regressing while others are catching up and furthering their access to education for all.”
Political fragility was anathema to aspiration, she added.
“When you look at these countries, the reality is that people are suffering and their standard of living and human development status has been declining. Most of these countries are conflict countries; that is just the reality.”
Zhang said the UNDP has seen the importance of peace, stability, and financial investment in developing a strong educational sector that contributes to the nation’s progress.
“If you have peace, stability and steady growth over time you will see progress in education,” she said.
Education and prosperity go hand in hand, says UN expert
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Education and prosperity go hand in hand, says UN expert
- Chief statistician Yanchun Zhang says research shows public investment in schooling creates better, sustainable societies
- “Public funding is very important,” she said, adding that improving education systems, even if expensive, opened doors to culture, science and technology
Economic growth and resilience at heart of 2nd AlUla Emerging Market Economies Conference
- Event on Feb. 8 and 9 will bring together ministers, governors of central banks, policymakers, economic experts and international financial institutions
- Emerging-market economies a ‘pivotal element’ in global economic system due to effect they have on growth and stability, says Saudi Finance Minister Mohammed Al-Jadaan
RIYADH: The second annual AlUla Conference for Emerging Market Economies, which Saudi Arabia will host next week, offers a platform to exchange views on global developments and discuss policies and reforms that support inclusive growth and strengthen economic resilience, the Kingdom’s finance minister said.
The event on Feb. 8 and 9 will bring together finance ministers, governors of central banks and policymakers, alongside economic experts and representatives of international financial institutions.
Organized by the Saudi Ministry of Finance in partnership with the International Monetary Fund, it takes place as emerging-market economies face mounting challenges amid rapid global economic change.
Finance Minister Mohammed Al-Jadaan said the decision to host the conference reflects Saudi Arabia’s ongoing commitment to efforts that support global financial and economic stability, and highlights the growing influence of emerging economies on worldwide growth.
Emerging-market economies represent a “pivotal element” in the global economic system due to the direct impact they have on economic growth and stability, he added.
“The AlUla Conference for Emerging Market Economies provides a unique platform for exchanging views on global economic developments, and discussing policies and reforms that will support inclusive growth and enhance economic resilience, in light of broader international cooperation that contributes to confronting common challenges,” Al-Jadaan said.
Kristalina Georgieva, managing director of the IMF, said the event would help emerging economies deal with growing uncertainty driven by technological change, demographic shifts and geopolitical tensions.
“The AlUla conference provides a vital platform for emerging economies to discuss how they can navigate the risks and embrace the opportunities ahead,” she said.
“In these times of sweeping transformations in the global economy, policymakers face a more challenging and uncertain environment. Countries should work together to strengthen resilience through sound macroeconomic and financial policies.”










