India would see the highest decline in South Asia due to learning losses for the young. This has been highlighted by a new working paper published by the Asian Development Bank (ADB).
Key highlights of the report –
- As per the paper, the gross domestic product (GDP) of India would see the highest decline in South Asia due to learning losses for the young. Starting with a $10.5 billion dent in 2023, the country’s economy could take a nearly $99 billion hit by 2030. This translates into a 3.19% reduction in GDP from the baseline growth trends.
- India may account for over 10% of the global GDP decline of $943 billion estimated by the ADB on account of earning losses in 2030.
- Jobs for skilled labour is expected to decline by 1%, and unskilled labour by 2% that year.
- Learning and earning losses are significant because a notable portion of the impacted population will migrate to the unskilled labour force.
- As per the paper, the most immediate challenge is to help students recover “lost opportunities” by conducting assessments among impacted children.
About Asian Development Bank (ADB) –
- It is a regional development bank established on 22 August 1966 and is headquartered in Manila (Philippines).
- It aims to facilitate economic development of countries in Asia. It also aims for an Asia and Pacific free from poverty.
- The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries.
- Currently, it has 67 members – of which 48 are from within Asia and the Pacific and 19 outside.
- ADB was modelled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with member’s capital subscriptions.
- Japan holds the largest proportions of shares at 15.67%. The United States holds 15.56%, China holds 6.47%, India holds 6.36%, and Australia holds 5.81%.
- ADB focuses on five core areas of operations: infrastructure; the environment, including climate change; regional cooperation and integration; finance sector development; and education.