New HP Report Says Education Remedy to Economic Crisis

 Omolabake Fasogbon

A new report by Global Technology leader, Huawett Packard (HP) has highlighted education as a critical driver of economic resilience and buoyancy across the globe. 

The report implemented under HP Futures Initiative underscored the importance of education in navigating economic uncertainty, urging nations to prioritise investment in it. 

The Futures initiative being convened by HP in partnership with the Global Learning Council and T4 Education sought to address challenges impeding education and its outcome. 

The new report expressed concern about the fact that 70 percent of 10-year-olds are still unable to read a simple sentence despite that the 2030 target for Sustainable Development Goals(SDG) inches closer. 

Given this reality, HP in the report which compiled insights from over 100 education and policy experts worldwide, suggested a boost in education investment, arguing that economic constraints should not be a barrier. 

The report also recommended that nations including Nigeria redesign education systems to fit for the future, provide early years interventions for young persons in disadvantaged communities, develop national assessment and data collection systems and subsidise EdTech tools, amongst others. 

HP disclosed further that the Futures initiative brought together five Councils throughout a six-month period in late 2023 and early 2024, comprising education and policymaking experts. 

“Recommendations in the report were also drawn from a 2020 study from the Washington Center for Equitable Growth which found that every $1 spent on education leads to a $1.66 return in economic activity later on, with greater effect during a recession’’, it stated. 

Reacting to the report, the Chief Commercial Officer at HP & HP Futures Chair, David McQuarrie assured that the organisation is introducing new set of programmes to boost the development of digital competencies in the next generation. 

“With today’s rapidly evolving landscape, driven by AI and other technology innovations, the next generation needs the skills and digital fluency that will enable them to thrive in the 21st century. Our aim with the HP Futures initiative is to provide impactful recommendations that will drive action towards more equitable and inclusive education”, he stated.