Summary: The World Bank's report, "Collapse and Recovery," reveals that the COVID-19 pandemic significantly undermined human capital development for young people in low- and middle-income countries, with potential long-term impacts including a 10% decrease in future earnings for students and up to a 25% reduction for toddlers. School closures and service disruptions have led to severe setbacks in early childhood education, with preschool learning declines of over 30% and widespread school closures resulting in significant learning losses. The pandemic also exacerbated youth unemployment and reduced earnings, with many young people neither in education, employment, nor training. To address these challenges, the report calls for targeted interventions in education, health, and employment, and stresses the need for resilient systems to mitigate future shocks.
Source: World Bank Group
Date: February 16, 2023
