Global economic benefits of investment in vocational education and training
Objective: To explore the vocational education and training systems in four countries – the UK, US, India and South Africa – and to understand the economic benefits of investing in skills.
Economic forecasting from the Centre for Economics and Business Research, literature review compiled by Reputation Leaders and The Research Base.
June 2015 – December 2015
- Boosting skills by 10% could increase UK GDP by £163bn
- A 10 percentage point increase in the number of upper secondary school pupils enrolled in vocational education could lead to a 1.5 percentage point reduction in you unemployment in the US and the UK
- Despite the benefits of investing in skills, there are a number of issues to overcome:
o The ongoing stigma around vocational education and training
o The complexities of running an effective and responsive system that meets the needs of employers