Role of Education in Economic Development (Essay Sample)

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Role of Education in Economic Development
The level of education is directly related to the well-being of the country. I echo these sentiments owing to the fact that education is the cornerstone upon which the economy of a country is established. When the labor force of a given country is well informed, skilled and empowered, it directly reflects on its economic growth and development in all its sectors. The bigger the proportion of skilled labor a country has, the faster it realizes growth in its economy.
Furthermore, education guarantees for sustainable development and helps improve the standards of living among the residents. With knowledge, skills and expertise at their disposal, the country’s labor can comfortably work in the international market and deliver to expectation. In essence, the level of education attained by a country is important because if it does not match the international standards then its residents will have no chance to work outside their country. In such cases, the state fails to grow and develop beyond its borders as its labor is limited or unskilled (Mihei 178).
Higher levels of education have made many countries thrive in the economy and meet their development goals. Countries such as United States, United Kingdom, Japan, and Germany among other developed states have attained higher gross domestic product and per capita income owing to their significantly high proportion of skilled labor in the population (Mihei 181). Their advanced educational system also guarantees for highly skilled labor responsible for consistent economic growth in the long-run.
In conclusion, it is evident that the level of education within a country has a direct correlation to its wellbeing as earlier discussed. Policymakers have been quick to assert the importance of a country investing more in educating its population as a way of establishing a strong foundation for purposes of sustainable economic growth.
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