Over time, we noticed that combining the most innovative ideas in public school with the workforce needs of the business will improve both student achievement and economic development. Job creation relies on an efficient education system. The more college and career-ready graduates, the smaller chances to have adults that will depend on government support services.
Find out why job opportunities and economic growth go hand in hand.
Economic growth depends on good graduation rates
The graduates who are employed with high-skilled jobs will earn more than those who don’t go to school, obviously. It naturally results in more tax revenues, supporting the economic growth. This way, the localities will not be forced to raise the taxes, as the working mass will enhance the economic output.
The job opportunities are bigger when we invest in the future of our children. The high school graduates will be prepared for college and even succeed in a workplace. Furthermore, when the unemployment rate falls, it will enhance the output, boost the economic growth, and raise the material living standards.
So, how can we increase job opportunities? A healthy economy requires a supportive environment for growth. In other words, we ought to broaden the access to education and be sure that we have a steady supply of skilled workers. They will support the transition to higher value-added sectors and a bigger economy. The technical colleges need to be re-established so we can vary the skill sets of the potential workers. Furthermore, the skills have to be hand in hand with structural transformation objectives and labor demand.
Job opportunities are in the hands of those who learn
The employment rate is higher when the college graduates know what they want to do in life. The working youth will be increasingly absorbed in productive and targeted job creation. After that, we should invest in the creation of labor market information systems to plan better the jobs required and to assess the current skills gaps in the economy.
When segments of the traditional low-value added agriculture are replaced with more productive activities such as manufacturing, agri-processing, and other high-value added services, it provides more opportunities for the inhabitants of the country. In the same time, we have to establish adequate fiscal policy and taxation to ensure public goods such as schooling, transportation, and infrastructure. Without any doubts, they are vital for long-run economic growth trajectory. Needless to say, it will improve the labor market prospects of the youth and lower-income groups.
Now, it’s obvious why job opportunities and economic growth go hand in hand. Fiscal policy could reduce the unemployment rate because it aids in increasing the growth of the economy and aggregate demand. When the government spends more and taxes are cut, it will increase the disposable income. Thus, the consumption rate will be higher, and the aggregate demand will enhance, too. Companies that produce more will need more workers; hence there will be more job opportunities. For all of the things mentioned above, we have to get back to the basics and focus on the learning outcomes. Are the youth capable of supporting our economy?