The macroeconomic advantages of high-quality education

Baltezarević, Radoslav and Baltezarević, Ivana (2024) The macroeconomic advantages of high-quality education. In: VII. International Halich Congress On Multidisciplinary Scientific Research, Istanbul, Türkiye, 23-25 January, 2024. İKSAD Publishing House, pp. 1676-1681. ISBN 978-625-367-639-1

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Abstract

In today's globalized society, countries invests great efforts and significant funds in improving the education system, aware that only an educated and professional workforce, especially in areas such as technology and science, can ensure the success of the economy. Developing countries can especially prosper by investing in education and training that will create a highly skilled workforce, and in the difficult economic conditions of underdeveloped regions, quality education can reduce social isolation and poverty, as it increases GDP (gross domestic product) as well as individual earnings. When it is taken into account that the increase in the level of education in poor countries contributes to the improvement of critical thinking and orientation towards sustainable development, then such a phenomenon can have global positive effects. Therefore, quality education is undeniably an important lever that contributes beneficially to the macroeconomics. In order to achieve competitiveness in today's demanding market, a competent workforce must be possessed, and the role of the state in this process must be to provide tax incentives for training, adequate facilities for educational purposes, but also materials and necessary technological means, which will enable students to have better quality learning and significant academic results. In general, it can be concluded that the more resources a country allocates to its educational infrastructure, the more successful its economy will be as a whole. New technologies improve education, because they enable distance learning, better communication and cooperation, and quick access to information. However, especially in underdeveloped regions, technological progress is still very slow, teachers are not very proactive in using modern technologies and very rarely use them for teaching purposes. The main reason is certainly the lack of financial resources for the modernization of educational technology, and low level of digital literacy.

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