“The most valuable of all capital is that invested in human being”,said Alfred Marshall,one of the most influential economists.
Well said!Human being is the only one decision factor of the capitals in this world.Especially, economic development of the world depends on human capital.
The World bank’s Human Capital Index was released on Thursday (Oct 11) at the World Bank and International Monetary Fund annual meetings on Indonesia’s Bali island. Singapore,a city state of 6 million people,topped the World Bank Group’s newest index which ranks 157 countries based on the productivity of the next generation’s workers. The rankings, based on health, education and survivability measures, assess the future productivity and earnings potential for citizens of the World Bank’s member nations, and ultimately those countries’ potential economic growth.
“By paying sustained attention to human development, Singapore is now among the world’s highest performers on learning and in the Human Capital Index,” said the report.
After Singapore,the best countries are South Korea, Japan and Hong Kong. China was placed 46th, Malaysia at the 55th spot and Thailand at 65th. Myanmar is at 106th, under Bangladesh at 106th in 157 countries around the world.So we can say that Asia’s countries without Myanmar and Bangladesh dominate the new index of the world bank.The worst index countries are Chad,South Sudan,Nigar,Marli,Liberia and Nigeria.African countries feature heavily in the bottom of 20 places in the index.Why were the worst and the bad index?The answer is simple.The governments are not currently making effective investments in their people to ensure a healthy,educated.and resilient population ready for the workplace of the future.As a result, 56 percent of children born today across the world will lose more than half their potential lifetime earnings.
In Singapore, the earnings potential was 88 per cent of potential, while in the United States, ranked 24th between Israel and Macau, productivity and earnings were measured at 76 per cent of potential.
“This index creats a direct line between improving outcome in health and education, productivity and economic growth.I hope that it drives countries to take urgent action and invest more-more effectively-in their people”,said World Bank Group president Jim Yong Kim.
The bank has warned that a wave of automation and artificial intelligence(AI) will eliminate many low-skilled jobs in coming years, making it harder for people with low levels of education and poor health to compete for work.
In conclusion,only the people who has the highest skills and the highest education level will come into play in the world in the near future.The governments have to take action in human capicity investment more and more effectively to be peace and developing countries. Today,Singapore is the top investor in human capital among the super power countries. Tomorrow will be the bright future than before for Singaporeans indeed.
Ref:The World Bank Groups/CNA