How Digital Education Can Reset the Global Economy?
The haughty emergence of a pandemic has brought all the nations to their knees indefinitely. The global economy has been ravaged by all the hardships posed by the crisis. But, another side of this coin has to be the adoption of technology across various industries. Many schools and academic institutions have only now realized the significance of digital education, while others who already had aspects of digital education in place are elated about having done that.
Studies have shown that students who are given better exposure to the digital world in terms of education are overall more advanced and productive. Since digital education expects institutions to adopt the present-day technologies and digital tools to facilitate learning and teaching in the most innovative manner, it is the enhanced and enriched way of teaching and learning that will result in the outcome of erudite professionals that are invaluable to both- commercial and economic growth.
Academics is one of the crucial drivers of economic growth and development and competitiveness in local and global economies. But how is digital education going to contribute to resetting the global economy?
WAYS THE GLOBAL ECONOMY CAN BE RESET WITH DIGITAL EDUCATION
Educational institutions, in general, contribute a hefty share in any country’s economy, but having a digital education system in place across the entire sector will add-on to the contribution in several other ways, one being innovation. We imitate the environment we are surrounded by. Learning in a technologically advanced ecosystem, which delivers education and imparts knowledge through diverse modules, drives innovation among students as they learn to leverage technology and its applications to find solutions to global problems, increase global collaboration, promote exports and make the economy more balanced and enriched. Like, the innovation of cryptocurrency was a sudden boost to the economic growth of countries leveraging the same.
Once the formal education is done, students look for jobs, jobs in the highly competitive market where holding a degree just might not be enough. They will be hired based on their skills and talents. Being exposed to digital education at an early age will instil multiple technical skills to their skillset consisting of soft-skills and hard-skills. The changing times have made the economy to walk in the direction of knowledge and skill-based recruitment to ensure that the employee is armed with all the suitable technical skills that make the student well-equipped to ask for an offer that they are worthy of. They can be the optimum choice of any employer as their digitally enhanced education has made them capable to make the precise provision of diligent skill sets that not only contribute to the company, they will be working for but also to the economy. An increase in the revenue and employment rate are drivers of economic development. As a matter of fact, around 77% of students in the US in 2016 demanded online courses to increase their employment rate.
When the students possess the right and in-demand skills, they have the ability to demand higher salaries, which the organizations also will be willing to pay. When there is an increase in the Gross Domestic Income, it increases the related factors like the Gross Domestic Product and the Gross National Product. GDP is calculated from the national accounts of the country that report the annual investment, income, and expenditure of each sector. It is used in the calculation of total income earned in the said country. Students need to learn to earn, this is what needs to be followed by the students and the institutions teaching them. The increase in their income will benefit them personally by increasing their purchasing power and improving their lifestyle alongside providing to the economy. There are several initiatives to increase the GDI, GDP, and GNP, digital education being one of them.
HUMAN DEVELOPMENT INDEX
Digital education is in itself a development in the education sector that backs the students in developing skills to accelerate their overall performance. The Human Development Index is the indicator of economic growth that is based on the per capita GDP, social development, and education per individual. It is a weighted index where technological advancements and skills are taken into consideration in the criteria. Increased HDI, indicates that there is a driving force towards the growth and development of the national economy. Strengthened national economies result in strengthened global economies. The education system was said to be broken as more focus was made on gaining marks than instilling and learning required and in-demand skill sets. Digitally enhanced education is the fix to that. Children today are learning how to code, how to run their own businesses, how to effectively collaborate and learn from experts across the globe and using them practically. There are millionaires aged 10-18 that are earning a huge revenue and solving global economic problems alongside. The world needs to stabilize the economy and skilled personnel polished by and churned by digital education from an early age is the way to go about it.