World bank Released “Education Finance Watch(EFW) Report” 2021

What is the News?

The World Bank and UNESCO released the Education Finance Watch Report (EFW), 2021.

About the Education Finance Watch Report:

• The report is a collaborative effort between the World Bank and UNESCO’s Global Education Monitoring (GEM) Report.
• It summarizes the available information on patterns and trends in education financing around the world.

Key Findings of the Education Finance Watch Report:

• Global spending on education has increased continuously in absolute terms over the last 10 years. However, the pandemic may interrupt this upward trend.
• Education Budgets: 2/3rd of low and middle-income countries reduced their education budgets since the start of the Covid-19 pandemic. In comparison, only a third of upper-middle and high-income countries have reduced their budgets.
• Spending on Child’s Education: Before the COVID-19 pandemic, high-income countries were spending annually the equivalent of $8,501 for every child’s education. It was $48 in low-income countries. The pandemic has further widened this spending gap.
• Access to education has improved in low and middle-income countries. However, the learning poverty rate (the proportion of 10-year-olds unable to read a short, age-appropriate text) was at around 53%. It was only 9% for high-income countries. This has increased further to 63% after COVID-19-related school closures.

Global Education Monitoring Report(GEM Report):

• Published by: It is an annual report published by UNESCO. The report was formerly known as the Education for All Global Monitoring Report.
• Mandate: The report aims to monitor progress towards Sustainable Development Goal 4 (SDG 4) on education. It also targets education-related goals in the SDG agenda.

Source: Down To Earth