Students Face $10 Trillion in Lost Earnings Due to Pandemic

The current generation of students is at risk of losing $10 trillion in earnings over time due to pandemic-related school closures, the World Bank said.

The estimate is based on a five-month school closure, the World Bank said in a report published on Thursday. The virus left 1.6 billion students out of school at the peak of the shutdowns in April. Close to 7 million students may drop out of primary and secondary school as a result of the income shock of the pandemic, the development institution said.

The combination of being out of school and the loss of family livelihoods caused by Covid-19 also may leave girls particularly vulnerable and worsen exclusion and inequality, especially for people with disabilities and other marginalized groups, the World Bank said.

The development lender called for the adoption of remote learning strategies to provide continuity during schools closures, including through technology, and urged governments to take actions to safely reopen schools consistent with each country’s health situation.

The World Bank last week said it expects the global economy this year to contract the most since World War II and emerging nations’ output to shrink for the first time in at least six decades, reducing incomes and sending millions of people into poverty.