If Peru does not make needed investment in education, consolidating long-term productivity increase and sustained economic growth will be impossible, Education Minister Jaime Saavedra stressed.
"If investment is not carried out, if we are not obsessed with education, productivity increase will impossible; thus, achieving country's growth and development will be impossible as well," he expressed.
The official mentioned that none country had managed to move forward without previously having provided a "quality education for everyone."
Investment
An average US$640 was invested in every student five years ago. Nowadays, the said amount exceeds US$1,000 per scholar. The figure is already deemed as "substantial growth," the official noted.
Nonetheless, the Organization for Economic Co-operation and Development (OECD) member-countries invest US$8,000 in every pupil, Saavedra reminded.
Expenditure on education represented 2.8% of Peru's GDP five years ago. However, it will account for 3.9% of GDP in 2016.
"We have to reach 5% or 6% [of GDP]; the level established by many of our Latin American partners. However, we are on the right track [...]," he indicated.
Over the previous three years, the current administration invested S/.11.00 billion (about US$3.22 billion) in the improvement of education infrastructure. Likewise, S/.400 million (about US$116.95 million) is allocated for maintenance of educational centers.
Entrepreneurs must become aware education has become a crucial factor to increase productivity levels, he suggested.
(END) CNA/AVV/MVB
Published: 2/11/2016