Tweet

It is undoubted that investment in education is the most effective way to increase economic growth throughout the world. The OECD stresses the importance for European countries to invest more and better in quality education, training and research. It is also the best way to tackle the huge youth unemployment in this part of the world. An estimated 15% of young people aged 15-29 are neither in training nor in employment. Moreover, the current trend of under-financing education and training will lead to low-skilled jobs and to an overall lack of international competitiveness. In the present context of budgetary restraint it is good news that programs such as Erasmus + and Horizon 2020 continue to receive substantial funding. However, Europe is still with regard education and research behind other countries in the world. Yet, innovation has a key role to boost the competitiveness of European enterprises. But, equally vital, is to use adult and continuing education to reduce the number of low-skilled people. The authorities point out that many state members need smarter investment in education and research infrastructure. The main target will be to combine public and private investment in order to reach 3% of EU's GDP.The fact is that many European countries suffer from a productivity gap compared to other countries in the world.This serious issue is caused in part at least by lower levels of investment in R&D and innovation, but also by insufficient use of communication technologies. A fiercer global competition will always require more investment in the education system to create quality jobs. But these investments, due to a lack of funds, will have to focus more in innovative products and in the technologies of the future.

Tweet