Schools were forced to close during the pandemic and that could wipe out some $500 billion of potential GDP collectively from a handful of countries in Asia.
School closures during the pandemic could erase over $500 billion of potential economic growth from India, Indonesia, Malaysia, the Philippines and Thailand, according to Oxford Economics.
Elementary students sit inside dividers as preventive measure against Covid-19, as they attend physical classes at Longos Elementary School on Nov. 15, 2021 in Alaminos, Philippines.School closures during the pandemic could erase over $500 billion of potential economic growth from a handful of Asian countries, according to Oxford Economics.From 2021 to 2035, each of these economies may lose 0.3% and 0.8% of potential GDP per year on average, according to a report by the economic advisory firm.
Schools in the Philippines were fully or partially closed for around 18 months between February 2020 and March 2022 — longer than the other countries mentioned, the report said. However, the report highlighted that Thailand has a lower GDP and people had lower levels of education to begin with, "which means there is a lower base to lose out from."Many students from these developing economies come from lower-income households and did not have internet access, adequate technology, or a comfortable space to study when schools were closed.
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