Education plays crucial role in country's economy. It directly affects the economic productivity levels
and contributes to improve GDP. Education, skills, and quality workforce are crucial determinants of a nation‟s productivity. Raising
educational levels creates a quality workforce, which is an ultimate factor in economic development of any
country.
Education influences and affects the GDP growth, services, export, trade and per capita income of a
nation. The level of education can be determined by the rate of enrollment, government's effort to facilitate
access to quality education (in terms of government's expenditure on education or what we call it, a governmental subsidy).
The Literacy rate of a country and its GDP growth rate are often related.Rationally, the level of
literacy and education determines the summit to which people are engaged in skilled jobs and indirectly allied to speed of doing work, which
in turn contributes to GDP. Because of such dependency, this sector becomes a priority for inclusive
development in Nepal. The below diagrams shows strong positive dependency between education and GDP growth rate in Nepal.
source: euromoneycountryrisk.com
fig. GDP status, Nepal
source: smartsamaj.com
fig. Literacy Status, Nepal
Hey guys this is aakash ghimire. I write things in my own way hence, if you get any confusion and complementation reguard this post, plz mention that into comment.
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