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OECD report

The crisis has amplified the value of a good education

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The survey, covered the organization’s 34 member countries, as well as Argentina, Brazil, China, India, Indonesia, Russia, Saudi Arabia and South Africa.

The jobs gap between well-educated young people and those who left school early has continued to widen during the crisis.

The crisis has halted the long-term trend of rising investment in education. Public spending on educational institutions between 2009 and 2010 as a percentage of GDP fell by 1% on average across the OECD area. Public expenditure on educational institutions decreased in one- third of countries during that period, by 2% or less in Austria, Ireland, New Zealand, Norway, Portugal, Spain and the United States. Drops of more than 2% were seen in Estonia, Hungary, Iceland, Italy and Russian Federation. Education budget cuts took place in 2011 and 2012 in 15 OECD countries.

One outcome of the crisis has been a rise in the number of young people staying on at school, as their job prospects declined. Since 2008, the percentage of 15-29 year-olds who continued in education increased by an average of 1.5 percentage points among OECD countries.

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