The COVID-19 pandemic has led to school closures worldwide, threatening to undo a decade of advancements in education and health, according to the World Bank. Low-income countries face the greatest vulnerability.
"Human capital is absolutely vital for the economic and financial future of a country," stated David Malpass, President of the World Bank, as reported by France 24 on September 17, 2020.
These comments accompanied the release of the latest Human Capital Index, which assesses the potential a child born today can achieve by age 18, based on their country's education and health services. The report warns that gains from the last decade could be reversed by the coronavirus pandemic.
The World Bank evaluates human capital using three key factors: child survival to school age, quality and duration of schooling, and overall health. This includes whether the child will be healthy upon leaving school, prepared for further studies, and ready for the workforce as an adult.
Covering data from 174 countries—or 98% of the global population—the 2020 Human Capital Index shows steady pre-pandemic progress, with the most significant gains in low-income nations. Yet, even there, a child born today achieves only 56% of their full human capital potential compared to a fully healthy, well-educated peer.
The pandemic exacerbates inequalities: an estimated one billion children are out of school, leading to billions in lost learning and increased dropouts. Additionally, 80 million children risk missing essential vaccines, heightening vulnerability.
Girls face disproportionate impacts, building on pre-existing fragile gender disparities. While girls often excel in human capital measures, their employment rates lag 20% behind boys on average.
To combat school dropouts, the World Bank is launching initiatives in the poorest countries, focusing on restarting learning through school reopenings, better equipment, and remote learning tools.
