Question

Highlight the importance of higher education for socio-economic development of a country .Give reference from emperical evidence in this regard.​

Answer 1

Answer:

The roles of higher education in sustainable economic and social development increase year by year, and this will continue over the next decades. Higher education can be seen as a focal point of knowledge and its application, an institution which makes a great contribution to the economic growth and development through fostering innovation and increasing higher skills. It is looked as a way to improve the quality of life and address major social and global challenges. Higher education is broadly defined as one of key drivers of growth performance, prosperity and competitiveness. UNESCO says its social role provides the link between the intellectual and educational role of universities on one hand and the development of society on the other. Raising skills holds the key to higher living standards and well-being. Investing in knowledge creation and enabling its diffusion is the key to creating high-wage employment and enhancing productivity growth, points out OECD.

Here is an overview of the most important roles of higher education in today’s economy:

Creating a quality workforce

Higher education gives a person an opportunity to succeed in today’s global economy. Modern universities provide their students with various programmes aimed at preparing them for different economic sectors, helping them to stay and progress in the labour market for long, programmes that make a difference for labour market outcomes and keep pace with changes in the global economy and changes in the innovation process. Universities promote lifelong learning; they offer opportunities to engage and attract professionals into training and professional development.