Great nations require great minds

“We recognise that a better educated, better skilled, more knowledgeable people, will not only benefit from the opportunities in a growing economy, they will also contribute to its widening and strengthening.” Prime Minister Gaston Browne

GROWTH AND DEVELOPMENT FOR THE BENEFIT OF ALL

Education is one of the fundamental factors of development, whether it be human, economic, social, or political. And it’s a given that no country can achieve sustainable economic development without substantial investment in its human capital. An investment as vital as investing in infrastructure or equipment, the education and training of a country’s workforce is a major factor in determining how well the country’s economy will perform. A more educated workforce equates to one that is more mobile, adaptable and able to innovate; all crucial in developing the economy of a nation. Economists like Paul Romer have always argued that skills beget more skills and new ways of doing business that cause a knock-on effect in the economy as a whole. Indeed, there is a clear relationship between governments’ education expenditure and GDP across a large sample of different countries. There is no doubt that Antigua & Barbuda has a clear vision about the importance of its human capital development. As a testament to its determination to grow its robust education system to complement its economic development, EC$1.7 billion (US$630 million) was allocated for education and science in 2020’s budget. A huge ongoing investment established the fourth landed campus of the University of the West Indies last year, increasing the islands’ education portfolio. And as the twin-island nation is gaining traction in the growing science, renewable energy and wellness sectors, this diversification is requiring new skills and knowledge. As Prime Minister Gaston Browne outlined in the 2020 budget speech, “My government is determined to give every person who wants it, the opportunity to climb the ladder to self-improvement, to betterment and to progress. That is why we have placed such great emphasis on improving education and expanding access to all.”

One of the arguments in favour of citizenship by investment programmes, like the one found in the twin islands, is that they attract global talent who in turn bring new business, ideas, and innovation to a country. Clearly, an important consideration for potential investors is whether they can find the skilled and trained employees necessary to successfully carry out whatever their business activity may be. And since they often arrive with a family in tow, quality of life also factors into their decisionmaking; a good local education system often high on that list. And it’s not just the general economic growth of a nation that is given a push by education investment. A report by Noah Berger and Peter Fisher for the Economic Analysis and Research Network has shown that high-wage states in the United States are those that have a well-educated workforce. This demonstrates the correlation between education attainment (in this case) of the state’s labour force and the average wages of that state. Furthermore, with higher salaries, workers contribute more through taxes over the course of their lifetimes. This boosts the coffers of the government allowing more investments in health, social care, and of course education.

My government is determined to give every person who wants it, the opportunity to climb the ladder to selfimprovement, to betterment and to progress. That is why we have placed such great emphasis on improving education and expanding access to all.